Realty Income (O) 10-K 23 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 15, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13374
Entity Registrant Name	REALTY INCOME CORPORATION
Entity Central Index Key	0000726728
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0580106
Entity Address, Address Line One	11995 El Camino Real
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	284-5000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 20.5
Entity Common Stock, Shares Outstanding		373,390,661
Documents Incorporated by Reference	Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 18, 2021, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Common Stock, $0.01 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	O
Security Exchange Name	NYSE
1.625% Notes due 2030
Entity Listings [Line Items]
Title of 12(b) Security	1.625% Notes due 2030
Trading Symbol	O30
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate held for investment, at cost:
Land	$ 6,318,926	$ 5,684,034
Buildings and improvements	14,696,712	13,833,882
Total real estate held for investment, at cost	21,015,638	19,517,916
Less accumulated depreciation and amortization	(3,549,486)	(3,117,919)
Real estate held for investment, net	17,466,152	16,399,997
Real estate and lease intangibles held for sale, net	19,004	96,775
Cash and cash equivalents	824,476	54,011
Accounts receivable, net	285,701	181,969
Lease intangible assets, net	1,710,655	1,493,383
Other assets, net	434,297	328,661
Total assets	20,740,285	18,554,796
LIABILITIES AND EQUITY
Distributions payable	85,691	76,728
Accounts payable and accrued expenses	241,336	177,039
Lease intangible liabilities, net	321,198	333,103
Other liabilities	256,863	262,221
Line of credit payable and commercial paper	0	704,335
Term loans, net	249,358	499,044
Mortgages payable, net	300,360	410,119
Notes payable, net	8,267,749	6,288,049
Total liabilities	9,722,555	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, 361,303,445 and 333,619,106 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively	14,700,050	12,873,849
Distributions in excess of net income	(3,659,933)	(3,082,291)
Accumulated other comprehensive loss	(54,634)	(17,102)
Total stockholders’ equity	10,985,483	9,774,456
Noncontrolling interests	32,247	29,702
Total equity	11,017,730	9,804,158
Total liabilities and equity	$ 20,740,285	$ 18,554,796

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	361,303,445	333,619,106
Common stock and paid in capital, outstanding (in shares)	361,303,445	333,619,106

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Rental (including reimbursable)	$ 1,639,533	$ 1,484,818	$ 1,321,546
Other	12,092	6,773	6,292
Total revenue	1,651,625	1,491,591	1,327,838
EXPENSES
Depreciation and amortization	677,038	593,961	539,780
Interest	309,336	290,991	266,020
Property (including reimbursable)	104,603	88,585	66,326
General and administrative	73,215	66,483	84,148
Income taxes	14,693	6,158	5,340
Provisions for impairment	147,232	40,186	26,269
Total expenses	1,326,117	1,086,364	987,883
Gain on sales of real estate	76,232	29,996	24,643
Foreign currency and derivative gains, net	4,585	2,255	0
Loss on extinguishment of debt	(9,819)	0	0
Net income	396,506	437,478	364,598
Net income attributable to noncontrolling interests	(1,020)	(996)	(984)
Net income available to common stockholders	$ 395,486	$ 436,482	$ 363,614
Amounts available to common stockholders per common share:
Net income per common share, basic (in dollars per share)	$ 1.15	$ 1.38	$ 1.26
Net income per common share, diluted (in dollars per share)	$ 1.14	$ 1.38	$ 1.26
Weighted average common shares outstanding:
Basic (in shares)	345,280,126	315,837,012	289,427,430
Diluted (in shares)	345,415,258	316,159,277	289,923,984
Other comprehensive income:
Net income available to common stockholders	$ 395,486	$ 436,482	$ 363,614
Foreign currency translation adjustment	(2,606)	186	0
Unrealized loss on derivatives, net	(34,926)	(9,190)	(8,098)
Comprehensive income available to common stockholders	$ 357,954	$ 427,478	$ 355,516

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total stockholders' equity	Shares of common stock	Common stock and paid in capital	Distributions in excess of net income	Accumulated other comprehensive loss	Noncontrolling interests
Balance at Dec. 31, 2017	$ 7,390,708	$ 7,371,501		$ 9,624,264	$ (2,252,763)	$ 0	$ 19,207
Balance (in shares) at Dec. 31, 2017			284,213,685
Increase (Decrease) in Stockholders' Equity
Net income	364,598	363,614			363,614		984
Other comprehensive loss	(8,098)	(8,098)				(8,098)
Distributions paid and payable	(770,502)	(768,506)			(768,506)		(1,996)
Share issuances, net of costs	1,119,297	1,119,297		1,119,297
Share issuances, net of costs (in shares)			19,304,878
Contributions by noncontrolling interest	18,848						18,848
Redemption of common units	(2,752)	2,829		2,829			(5,581)
Redemption of common units (in shares)			88,182
Reallocation of equity	0	(774)		(774)			774
Share-based compensation, net	8,879	8,879		8,879
Share-based compensation, net (in shares)			135,345
Balance at Dec. 31, 2018	8,120,978	8,088,742		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	437,478	436,482			436,482		996
Other comprehensive loss	(9,004)	(9,004)				(9,004)
Distributions paid and payable	(862,414)	(861,118)			(861,118)		(1,296)
Share issuances, net of costs	2,117,983	2,117,983		2,117,983
Share issuances, net of costs (in shares)			29,818,978
Contributions by noncontrolling interest	11,370						11,370
Redemption of common units	(21,123)	(6,866)		(6,866)			(14,257)
Redemption of common units (in shares)			0
Reallocation of equity	0	(653)		(653)			653
Share-based compensation, net	8,890	8,890		8,890
Share-based compensation, net (in shares)			58,038
Balance at Dec. 31, 2019	9,804,158	9,774,456		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	396,506	395,486			395,486		1,020
Other comprehensive loss	(37,532)	(37,532)				(37,532)
Distributions paid and payable	(974,724)	(973,128)			(973,128)		(1,596)
Share issuances, net of costs	1,817,978	1,817,978		1,817,978
Share issuances, net of costs (in shares)			27,564,163
Contributions by noncontrolling interest	3,168						3,168
Reallocation of equity	0	47		47			(47)
Share-based compensation, net	8,176	8,176		8,176
Share-based compensation, net (in shares)			120,176
Balance at Dec. 31, 2020	$ 11,017,730	$ 10,985,483		$ 14,700,050	$ (3,659,933)	$ (54,634)	$ 32,247
Balance (in shares) at Dec. 31, 2020			361,303,445

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 396,506	$ 437,478	$ 364,598
Adjustments to net income:
Depreciation and amortization	677,038	593,961	539,780
Loss on extinguishment of debt	9,819	0	0
Amortization of share-based compensation	16,503	13,662	27,267
Non-cash revenue adjustments	(3,562)	(9,338)	(7,835)
Amortization of deferred financing costs	11,003	9,795	9,021
Loss (gain) on interest rate swaps	4,353	2,752	(2,733)
Foreign currency and derivative gains, net	(4,585)	(2,255)	0
Gain on sales of real estate	(76,232)	(29,996)	(24,643)
Provisions for impairment on real estate	147,232	40,186	26,269
Change in assets and liabilities
Accounts receivable and other assets	(79,240)	(8,954)	(6,901)
Accounts payable, accrued expenses and other liabilities	19,720	24,056	18,695
Net cash provided by operating activities	1,115,543	1,068,937	940,742
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(2,283,130)	(3,572,581)	(1,769,335)
Improvements to real estate, including leasing costs	(8,708)	(23,536)	(25,350)
Proceeds from sales of real estate	259,459	108,911	142,286
Insurance and other proceeds received	0	0	7,648
Collection of loans receivable	0	0	5,267
Non-refundable escrow deposits	0	(14,603)	(200)
Net cash used in investing activities	(2,032,379)	(3,501,809)	(1,639,684)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(964,167)	(852,134)	(761,582)
Borrowings on line of credit and commercial paper program	3,528,042	2,816,632	1,774,000
Payments on line of credit and commercial paper program	(4,246,755)	(2,365,368)	(1,632,000)
Principal payment on term loan	(250,000)	(70,000)	(125,866)
Proceeds from notes and bonds payable issued	2,200,488	897,664	497,500
Principal payment on notes payable	(250,000)	0	(350,000)
Proceeds from term loan	0	0	250,000
Payments upon extinguishment of debt	(9,445)	0	0
Principal payments on mortgages payable	(108,789)	(20,723)	(21,905)
Proceeds from common stock offerings, net	728,883	845,061	0
Proceeds from dividend reinvestment and stock purchase plan	9,109	8,437	9,114
Proceeds from At-the-Market (ATM) program	1,094,938	1,264,518	1,125,364
Redemption of common units	0	(21,123)	(2,752)
Distributions to noncontrolling interests	(1,596)	(1,342)	(1,930)
Net receipts on derivative settlements	4,106	4,881	0
Debt issuance costs	(19,456)	(9,129)	(18,685)
Other items, including shares withheld upon vesting	(23,279)	(4,772)	(33,387)
Net cash provided by financing activities	1,692,079	2,492,602	707,871
Effect of exchange rate changes on cash and cash equivalents	4,431	(9,796)	0
Net increase in cash, cash equivalents and restricted cash	779,674	49,934	8,929
Cash, cash equivalents and restricted cash, beginning of year	71,005	21,071	12,142
Cash, cash equivalents and restricted cash, end of year	850,679	71,005	21,071
Mortgages payable
Adjustments to net income:
Amortization of net premiums on mortgages and notes payable	(1,258)	(1,415)	(1,520)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages payable	(108,800)	(20,700)
Notes payable
Adjustments to net income:
Amortization of net premiums on mortgages and notes payable	$ (1,754)	$ (995)	$ (1,256)

Organization and Operation

Organization and Operation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operation	Organization and Operation Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT. At December 31, 2020, we owned 6,592 properties, located in 49 U.S states, Puerto Rico and the United Kingdom (U.K.), containing approximately 110.8 million leasable square feet. Information with respect to number of properties, square feet, average initial lease term and initial average cash lease yield is unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards	Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards Federal Income Taxes . We have elected to be taxed as a 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. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements. Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation. 2020 2019 2018 Weighted average shares used for the basic net income per share computation 345,280,126 315,837,012 289,427,430 Incremental shares from share-based compensation 135,132 322,265 179,532 Weighted average partnership common units convertible to common shares that were dilutive — — 317,022 Weighted average shares used for diluted net income per share computation 345,415,258 316,159,277 289,923,984 Unvested shares from share-based compensation that were anti-dilutive 70,581 8,113 13,148 Weighted average partnership common units convertible to common shares that were anti-dilutive 463,119 442,073 297,576 Lease Revenue Recognition and Accounts Receivable . The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon our client’s sales is recognized only after our client exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated rental revenue from our clients for recoverable real estate taxes and operating expenses are included in contractually obligated reimbursements by our clients, a component of rental revenue, in the period when such costs are incurred. Taxes and operating expenses paid directly by our clients are recorded on a net basis. Other revenue, includes property-related revenue not included in rental revenue and interest income recognized on financing receivables for certain leases with above-market terms. 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 clients. If the collection of substantially all of the future lease payments is less than probable, we record a reserve of the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent, unless cash is received when due. 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 clients operate. These impacts may continue and increase in severity as the duration or extent of the pandemic increases. As a result, we have closely monitored the collectability of our accounts receivable and 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. 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 for which 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 a company concludes collection of substantially all lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash received going forward, existing operating lease receivables must be written off as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination is made that substantially all lease payments under that lease are now considered more than probable. The majority of concessions granted to our clients during 2020 as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. We 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 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 2020. Similarly, rent abatements granted during 2020, which were also accounted for as lease modifications, impacted our rental revenue by an insignificant amount for 2020. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis. The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Year ended December 31, 2020 2019 2018 Rental revenue reserves $ 44.1 $ 1.4 $ 1.1 Straight-line rent reserves 8.4 1.5 0.2 Total rental revenue reserves $ 52.5 $ 2.9 $ 1.3 As of December 31, 2020, other than the information related to the reserves recorded to date, we do not have any further client 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 our clients 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. We also evaluated certain properties impacted by the COVID-19 pandemic for impairment (see Provisions for Impairment section below). 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. Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the U.S. Internal Revenue Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts. Gain on Sales of Properties . When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income and comprehensive income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met. Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. When acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. Additionally, above-market rents on certain leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, while below-market rents on certain leases under which we are a lessor are accounted for as prepaid rent. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair values of the land, building and improvements, and identified intangible assets and liabilities, and is often based upon various characteristics of the market where the property is located. In addition, any assumed mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, client investment grade, maturity date, and comparable borrowings for similar assets. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. For certain of our purchase price allocations we have used the assistance of an independent third party real estate valuation firm. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a tenant and the carrying costs that would be incurred over the vacancy period to locate a tenant if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income and comprehensive income. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are recorded to revenue or expense as appropriate. Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of property improvements to accommodate the client's use, but in any event no later than one year from the completion of major construction activity. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 35 years Equipment 5 to 25 years Lease commissions and property improvements to accommodate the client's use The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases Provisions for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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, a fair value analysis is performed and, to the extent the estimated fair value is less than the current book value, a provision for impairment is recorded to reduce the book value to estimated fair value. Key assumptions that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases. If a property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell. Twenty-one properties were classified as held for sale at December 31, 2020. During 2020, we identified the impact of the COVID-19 pandemic as an impairment triggering event for properties occupied by certain clients experiencing difficulties meeting their lease obligations to us. After considering the impacts of the COVID-19 pandemic on the key assumptions noted above, we determined that the carrying values of 38 properti es classified as held for investment for the year ended December 31, 2020 were not recoverable. As a result, we recorded provisions for impairment of $105.0 million for the year ended December 31, 2020 on the applicable properties impacted by the COVID-19 pandemic. Of the provisions for impairment recorded during 2020 for properties impacted by the COVID-19 pandemic, a total of 13 assets occupied by certain of our clients in the theater industry were impaired for $83.8 million, which reduced the carrying value of the properties from $123.4 million to their estimated fair value of $39.6 million. Impairments recorded on other properties during the year ended December 31, 2020 totaled $42.2 million. The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2020 2019 2018 Total provisions for impairment $ 147.2 $ 40.2 $ 26.3 Number of properties: Classified as held for sale 6 1 — Classified as held for investment 42 5 3 Sold 51 45 41 Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets. Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Derivative and Hedging Activities. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. As of December 31, 2020 we had one interest rate swap in place on our $250.0 million unsecured term loan. Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. We designated these interest rate swaps as hedges in accordance with Topic 815, Derivatives and Hedging. We record interest rate swaps on the consolidated balances sheet at fair value. Changes to fair value are recorded to accumulated other comprehensive income, or AOCI, and are amortized through interest expense over the term of the associated debt. During December 2020, we entered into a currency exchange swap to exchange £463.1 million for $625.0 million, which matured in January 2021. The currency exchange swap was entered into to hedge our exposure to foreign currency risk associated with Sterling-denominated liabilities. As the currency exchange swap is not accounted for as a hedging instrument, the change in fair value is recorded in earnings through the caption entitled 'Foreign currency and derivative gains, net' in the consolidated statements of income and comprehensive income. The net loss from derivatives not designated in hedging relationships for 2020 totaled $14.5 million. We did not hold any derivatives that were not designated in hedging relationships during 2019. 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 AOCI. Upon the initial issuance of the 2031 Notes in May 2020, we amortized the AOCI balance over the term of the 2031 Notes. In 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 3-month USD-LIBOR swap rate 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. Upon issuance of the 2031 Notes during July 2020, the AOCI balance associated with four of the forward starting swaps with a notional amount of $350.0 million we amortized over the term of the notes. However, we elected not to terminate the four forward starting interest rate swaps, and redesignated the swaps in a new hedging relationship for a future debt issuance to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings between May 2020 and December 2023. Upon issuance during December 2020 of $325.0 million of 0.750% notes due March 2026 and $400.0 million of 1.800% notes due March 2033, the AOCI balance associated with four of the forward starting swaps with a notional amount of $350.0 million, representing the change in fair value for the swaps from the July issuance of the 2031 notes through the December note issuances, and the AOCI balance associated with the two remaining forward starting swaps with a notional amount of $150.0 million, representing the change in fair value from their inception during June 2020 through the December note issuances, are being amortized over the term, by first applying the notional to the $400.0 million of 1.800% notes due March 2033 and $100.0 million of notional to the remaining $325.0 million of 0.750% notes due March 2026. However, we elected not to terminate any of the six forward starting interest rate swaps, and redesignated the swaps in a new hedging relationship to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings between December 2020 and December 2023. 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 Sterling for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in foreign currency and derivative gains, net on our consolidated statements of income and comprehensive income, which is the same caption item as the hedged transactions. Use of Estimates . The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications . During 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. Newly Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04. Recently Adopted Accounting Standards. In February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases), which replaced Topic 840, Leases. Under this amended topic, the accounting applied by a lessor is largely unchanged from that applied under Topic 840, Leases. The large majority of our leases remain classified as operating leases, and we continue to recognize lease income on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. We adopted Topic 842, Leases, effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard for all classes of underlying assets. As a result, we recognize lease obligations for ground leases designated as operating and financing leases with corresponding right of use assets and liabilities (see note 3). Additionally, above-market rents on certain of our leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, and below-market rents on certain of our leases under which we are a lessor are accounted for as prepaid rent (see note 3). Also, as a result of the adoption of this standard, contractually obligated reimbursements by our clients and property expenses are now presented on a gross basis as both contractually obligated reimbursements by our clients included in rental revenue, and as a reimbursable expense included in property expenses, respectively, on our consolidated statements of income and comprehensive income. Property taxes and insurance paid directly by the lessee to a third party will continue to be presented on a net basis. These presentation changes had no impact on our results of operations. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity; however, we have elected to aggregate prior period tenant reimbursement revenue within rental revenue to be consistent with the current period presentation within the statements of income and comprehensive income.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	12 Months Ended
	Dec. 31, 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, net, consist of the following at: December 31, 2020 December 31, 2019 Straight-line rent receivables, net $ 174,074 $ 147,047 Client receivables, net 111,627 34,922 $ 285,701 $ 181,969 B. Lease intangible assets, net, consist of the following at: December 31, 2020 December 31, 2019 In-place leases $ 1,840,704 $ 1,612,153 Accumulated amortization of in-place leases (744,375) (627,676) Above-market leases 866,567 710,275 Accumulated amortization of above-market leases (252,241) (201,369) $ 1,710,655 $ 1,493,383 C. Other assets, net, consist of the following at: December 31, 2020 December 31, 2019 Financing receivables $ 131,291 $ 81,892 Right of use asset - financing leases 118,585 36,901 Right of use asset - operating leases, net 112,049 120,533 Restricted escrow deposits 21,220 4,529 Goodwill 14,180 14,430 Prepaid expenses 11,795 11,839 Corporate assets, net 8,598 5,251 Credit facility origination costs, net 7,705 11,453 Impounds related to mortgages payable 4,983 12,465 Value-added tax receivable 1,130 9,682 Non-refundable escrow deposits 1,000 14,803 Derivative assets and receivables - at fair value 10 12 Other items 1,751 4,871 $ 434,297 $ 328,661 D. Accounts payable and accrued expenses consist of the following at: December 31, 2020 December 31, 2019 Notes payable - interest payable $ 83,219 $ 75,114 Derivative liabilities and payables - at fair value 73,356 26,359 Property taxes payable 23,413 18,626 Accrued costs on properties under development 12,685 5,870 Value-added tax payable 8,077 13,434 Accrued income taxes 5,182 4,450 Mortgages, term loans, and credit line - interest payable and interest rate swaps 1,044 1,729 Other items 34,360 31,457 $ 241,336 $ 177,039 E. Lease intangible liabilities, net, consist of the following at: December 31, 2020 December 31, 2019 Below-market leases $ 460,895 $ 447,522 Accumulated amortization of below-market leases (139,697) (114,419) $ 321,198 $ 333,103 F. Other liabilities consist of the following at: December 31, 2020 December 31, 2019 Rent received in advance and other deferred revenue $ 130,231 $ 127,687 Lease liability - operating leases, net 114,559 122,285 Lease liability - financing leases 6,256 5,946 Security deposits 5,817 6,303 $ 256,863 $ 262,221

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate We acquire land, buildings and improvements necessary for the successful operations of our commercial clients. A. Acquisitions during 2020 and 2019 Below is a summary of our acquisitions for the year ended December 31, 2020: Number of Properties Leasable Square Feet Investment Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2020 (1) Acquisitions - U.S. (in 30 states) 202 5,476,009 $ 1,302,220 14.9 5.8 % Acquisitions - U.K. (2) 24 2,120,256 920,934 10.8 6.1 % Total Acquisitions 226 7,596,265 $ 2,223,154 13.2 5.9 % Properties under Development - U.S. 18 1,601,095 84,127 15.3 5.6 % Total (3) 244 9,197,360 $ 2,307,281 13.2 5.9 % (1) None of our investments during 2020 caused any one client to be 10% or more of our total assets at December 31, 2020. All of our investments in acquired properties during 2020 are 100% leased at the acquisition date. (2) Represents investments of £707.8 million Sterling during the year ended December 31, 2020 converted at the applicable exchange rate on the date of acquisition. (3) Our clients occupying the new properties operate in 26 industries and are 86.6% retail and 13.4% industrial, based on rental revenue. Approximately 61% of the rental revenue generated from acquisitions during 2020 is from our investment grade rated clients, their subsidiaries or affiliated companies. The acquisitions during the year ended December 31, 2020, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Year Ended December 31, 2020 (USD) (£ Sterling) Land (1) $ 337.5 £ 247.1 Buildings and improvements 768.4 258.7 Lease intangible assets (2) 203.1 139.8 Other assets (3) 52.4 62.9 Lease intangible liabilities (2) (12.9) (0.7) Other liabilities (4) (0.9) — $ 1,347.6 £ 707.8 (1) U.K. land includes £88.6 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets and liabilities is 15.9 years. (3) U.S. other assets consists of $51.7 million of financing receivables with above-market terms and $689,000 of right of use assets under ground leases. U.K. other assets consists entirely of right of use assets under ground leases. (4) U.S. other liabilities consists entirely of lease liabilities under ground leases. The properties acquired during 2020 generated total revenues of $54.6 million and net income of $19.4 million during the year ended December 31, 2020. Below is a summary of our acquisitions for the year ended December 31, 2019: Number of Properties Leasable Square Feet Investment Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2019 (1) Acquisitions - U.S. (in 45 states) 753 11,630,423 $ 2,860,806 13.0 6.8 % Acquisitions - U.K. (2) 18 1,583,676 797,846 15.6 5.2 % Total Acquisitions 771 13,214,099 3,658,652 13.4 6.4 % Properties under Development - U.S. 18 522,173 56,585 15.1 7.3 % Total (3) 789 13,736,272 3,715,237 13.5 6.4 % (1) None of our investments during 2019 caused any one client to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties were 100% leased at the acquisition date. (2) Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition. (2) Our clients occupying the new properties operated in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 was from our investment grade rated clients, their subsidiaries or affiliated companies. The acquisitions during the year ended December 31, 2019, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Year Ended December 31, 2019 (USD) (£ Sterling) Land (1) $ 780.0 £ 251.0 Buildings and improvements 1,776.1 249.3 Lease intangible assets (2) 290.1 129.9 Other assets (3) 82.0 — Lease intangible liabilities (4) (41.9) (4.4) Other liabilities (5) (8.4) — $ 2,877.9 £ 625.8 (1) U.K. land includes £24.9 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets is 13.3 years. (3) U.S other assets consists entirely of financing receivables with above-market terms. (4) The weighted average amortization period for acquired lease intangible liabilities is 18.1 years. (5) U.S. other liabilities consists entirely of deferred rent on certain below-market leases. The properties acquired during 2019 generated total revenues of $92.0 million and net income of $36.9 million during the year ended December 31, 2019. 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 client 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 2020, we capitalized costs of $7.0 million on existing properties in our portfolio, consisting of $1.8 million for re-leasing costs, $198,000 for recurring capital expenditures and $5.0 million for non-recurring building improvements. In comparison, during 2019, we capitalized costs of $17.9 million on existing properties in our portfolio, consisting of $2.1 million for re-leasing costs, $801,000 for recurring capital expenditures and $15.0 million for non-recurring building improvements. C. Properties with Existing Leases Of the $2.3 billion we invested during 2020, approximately $1.86 billion was used to acquire 127 properties with existing leases. In comparison, of the $3.7 billion we invested during 2019, approximately $2.72 billion was used to acquire 575 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 2020, 2019, and 2018 were $134.6 million, $112.0 million, and $106.6 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 2020, 2019, and 2018 were $30.9 million, $22.1 million, and $16.9 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 December 31, 2020 (in thousands): Net Increase to 2021 $ (31,717) $ 138,254 2022 (30,283) 126,762 2023 (28,745) 114,571 2024 (27,164) 105,775 2025 (26,609) 96,398 Thereafter (148,610) 514,569 Totals $ (293,128) $ 1,096,329

Revolving Credit Facility and C

Revolving Credit Facility and Commercial Paper Program	12 Months Ended
	Dec. 31, 2020
Revolving Credit Facility and Commercial Paper Program
Debt
Debt	Revolving Credit Facility and Commercial Paper Program A. 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-month extensions. The revolving credit facility allows us to borrow in up to 14 currencies, including U.S. dollars, and has a $1.0 billion expansion option, which is subject to obtaining lender commitments. Under our credit facility, our investment grade credit ratings as of December 31, 2020 provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.775% with a facility commitment fee of 0.125%, for all-in pricing of 0.90% over LIBOR. The borrowing rate is subject to an interest rate floor and may change if our investment grade credit ratings change. We also have other interest rate options available to us under our revolving credit facility. Our revolving credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At December 31, 2020, credit facility origination costs of $7.7 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 December 31, 2020, we had a borrowing capacity of $3.0 billion available on our revolving credit facility (subject to customary conditions to borrowing) and no outstanding balance, 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 1.5% during 2020 and 3.1% during 2019. At December 31, 2019, the weighted average interest rate on borrowings outstanding under our revolving credit facility was 2.2%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at December 31, 2020, we were in compliance with the covenants on our revolving credit f acility. B. Commercial Paper Program In August 2020, we established a U.S. dollar-denominated unsecured commercial paper program. Under the terms of the program, we may, from time to time, issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.0 billion. The commercial paper will rank on a parity in right of payment with all of our other unsecured senior indebtedness outstanding from time to time, including borrowings under our revolving credit facility, our term loan facility and our outstanding senior unsecured notes. Proceeds from commercial paper borrowings are used for general corporate purposes. At December 31, 2020, we had no outstanding commercial paper borrowings. The weighted average interest rate on borrowings under our commercial paper program was 0.3% from inception of the plan through December 31, 2020. We use our $3.0 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper program.

Term Loans

Term Loans	12 Months Ended
	Dec. 31, 2020
Term loans
Debt
Debt	Term Loans In October 2018, in conjunction with our revolving credit facility, we entered into a $250.0 million senior unsecured term loan, which matures in March 2024. Borrowing under this term loan bears interest at the current one-month LIBOR, plus 0.85%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest on this term loan at 3.89%. In June 2015, in conjunction with entering into our previous 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. Deferred financing costs of $1.2 million incurred in conjunction with the $250.0 million term loan, which matured June 2020, and $1.1 million incurred in conjunction with the $250.0 million term loan maturing March 2024 are being amortized over the remaining terms of each respective term loan. The net balance of deferred financing costs at December 31, 2020 of $642,000 relates to the $250.0 million term maturing March 2024. The net balance of deferred financing costs at December 31, 2019 of $956,000 related to the $250.0 million term loan that matured in June 2020 and the $250.0 million term loan maturing March 2024.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2020
Mortgages payable
Debt
Debt	Mortgages Payable During 2020, we made $108.8 million in principal payments, including the repayment of nine mortgages in full for $103.4 million. During 2019, we made $20.7 million in principal payments, including the repayment of one mortgage in full for $15.8 million. No mortgages were assumed during 2020. During 2019, we assumed two mortgages totaling $130.8 million on 33 properties. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses. Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At December 31, 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, at December 31, 2020 and 2019 was $973,000 and $1.3 million, respectively. These costs are being amortized over the remaining term of each mortgage. The following summarizes our mortgages payable as of December 31, 2020 and 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 Mortgage 12/31/2020 68 4.9 % 4.6 % 2.9 $ 299,631 $ 729 $ 300,360 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 (1) At December 31, 2020, there were 18 mortgages on 68 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2020, all mortgages were at fixed interest rates. At December 31, 2019, we had one variable rate mortgage with a principal balance of $7.1 million that was swapped to a fixed interest rate. (2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2020 and 2019, respectively. (3) Effective interest rates ranged from 4.0% to 5.5% at December 31, 2020, while effective interest rates ranged from 3.8% to 7.6% at December 31, 2019. The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.7 million and deferred financing costs of $973,000, as of December 31, 2020 (dollars in millions): Year of Maturity Principal 2021 $ 44.2 2022 111.8 2023 20.6 2024 112.2 2025 0.7 Thereafter 10.1 Totals $ 299.6

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 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): December 31, 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 (1) 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 0.750% notes, issued December 2020 and due in March 2026 325 — 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 1.625% notes, issued in October 2020 and due December 2030 (2) 547 — 3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 950 — 1.800% notes, issued in December 2020 and due in March 2033 400 — 2.730% notes, issued in May 2019 and due in May 2034 (2) 431 418 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 8,303 6,318 Unamortized net original issuance premiums and deferred financing costs (35) (30) $ 8,268 $ 6,288 (1) In January 2021, we completed the early redemption of all $950.0 million in principal. See note 19, Subsequent Events . (2) Represents the principal balance (in U.S. dollars) of the October 2020 Sterling-denominated note offering and May 2019 Sterling-denominated private placement of £400.0 million and £315.0 million, respectively, converted at the applicable exchange rate on December 31, 2020. The following table summarizes the maturity of our notes and bonds payable as of December 31, 2020, excluding unamortized net original issuance premiums of $14.6 million and deferred financing costs of $49.2 million (dollars in millions): Year of Maturity Principal 2022 (1) $ 950 2023 750 2024 350 2025 500 Thereafter 5,753 Totals $ 8,303 (1) In January 2021, we completed the early redemption of all $950.0 million in principal. See note 19, Subsequent Events . As of December 31, 2020, the weighted average interest rate on our notes and bonds payable was 3.4% and the weighted average remaining years until maturity was 8.2 years. Interest incurred on all of the notes and bonds was $252.0 million for 2020, $233.5 million for 2019 and $213.8 million for 2018. The interest rate on each of these notes and bonds is fixed. Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Additionally, with the exception of our £400.0 million of 1.625% senior unsecured notes issued in October 2020, for which interest is paid annually, interest on our remaining senior unsecured note and bond obligations is paid semiannually. All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2020, we were in compliance with these covenants. B. Note Repayments In January 2020, we repaid our $250.0 million of outstanding 5.75% notes, plus accrued and unpaid interest upon maturity. As a result of the early redemption, we recognized a $9.8 million loss on extinguishment of debt during the first quarter of 2020. In January 2021, we completed the early redemption on all $950.0 million in principal amount of our outstanding 3.250% notes due October 2022. For further information, see note 19, Subsequent Events . C. Note Issuances During the three year period ended December 31, 2020 we issued the following notes and bonds (in millions): 2020 Issuances Date of Maturity date Principal Price of par value Effective yield to 3.250% notes (1) May 2020 January 2031 $600 98.99 % 3.36% 3.250% notes (1) July 2020 January 2031 $350 108.24 % 2.34% 1.625% notes October 2020 December 2030 £400 99.19 % 1.71% 0.750% notes December 2020 March 2026 $325 99.19 % 0.91% 1.800% notes December 2020 March 2033 $400 98.47 % 1.94% 2019 Issuances 2.730% notes May 2019 May 2034 £315 100.00 % 2.73% 3.250% notes June 2019 June 2029 $500 99.36 % 3.33% 2018 Issuance 3.875% notes April 2018 April 2025 $500 99.50 % 3.96% (1) In July 2020, we issued $350.0 million of 3.250% senior unsecured notes due January 2031 (the "2031 Notes"), which constituted a further issuance of, and formed a single series with, the $600.0 million of 2031 Notes issued in May 2020. The net proceeds of $391.3 million from the December 2020 offering of 1.800% notes due 2033 and the net proceeds of $320.3 million from the December 2020 offering of 0.750% notes due 2026 were used, along with available cash and additional borrowings, as necessary to redeem in January 2021 all $950 million in aggregate principal amount of our outstanding 3.25% notes due 2022 at the applicable redemption price, plus accrued interest and, to the extent not used for those purposes, to fund investment opportunities and for other general corporate purposes. The net proceeds from the October 2020 Sterling-denominated offering of £400.0 million approximated $508.2 million, as converted at the applicable exchange rate on the closing of the offering, and were used to repay GBP-denominated borrowings outstanding under our $3.0 billion revolving credit facility, to settle an outstanding GBP/USD currency exchange swap arrangement and, to the extent not used for those purposes, to fund investment opportunities and for other general corporate purposes. The net proceeds of $376.6 million from the July 2020 note offering and the net proceeds of $590.0 million from the May 2020 note offering were used to repay borrowings under our credit facility, to fund potential investment opportunities and for other general corporate purposes. The gross proceeds from the May 2019 Sterling-denominated private placement of £315.0 million approximated $400.9 million, as converted at the applicable exchange rate on the closing of the offering, and were used to fund our initial investment in U.K. properties. The net proceeds of $493.5 million from the June 2019 note offering and the net proceeds of approximately $494.4 million from the April 2018 note offering were used to repay borrowings outstanding under our credit facility, to fund investment opportunities, and for other general corporate purposes.

Issuances of Common Stock

Issuances of Common Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Issuances of Common Stock	Issuances of Common Stock A. Issuance of Common Stock in an Overnight Offering In March 2020, we issued 9,690,500 shares of common stock in an overnight underwritten public offering, including 690,500 shares purchased by the underwriters upon the exercise of their option to purchase to purchase additional shares. 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. In May 2019, we issued 12,650,000 shares of common stock in an overnight underwritten public offering. The net proceeds of $845.4 million were used to repay borrowings under our credit facility, to fund investment opportunities, and for other general corporate purposes. We did not issue any shares in an underwritten offering in 2018. In January 2021, we issued 12,075,000 shares of common stock in an underwritten public offering, including 1,575,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. The company used the net proceeds from the offering, along with available cash and additional borrowings, to fund property acquisitions and for general corporate purposes and working capital. For further information, see note 19, Subsequent Events . 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 December 31, 2020, we had 15,678,031 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): Year Ended December 31, 2020 2019 2018 Shares of common stock issued under the ATM program 17,724,374 17,051,456 19,138,610 Gross proceeds $ 1,094.9 $ 1,274.5 $ 1,125.4 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 December 31, 2020, we had 11,503,379 shares remaining for future issuance under our DRSPP program. The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Year Ended December 31, 2020 2019 2018 Shares of common stock issued under the DRSPP program 149,289 117,522 116,268 Gross proceeds $ 9.1 $ 8.4 $ 9.1

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests In January 2013, we completed our acquisition of American Realty Capital Trust, Inc. (ARCT). Equity issued as consideration for this transaction included common and preferred partnership units issued by Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition. At December 31, 2018, Tau Operating Partnership and Realty Income, L.P. were considered variable interest entities, or VIEs, in which we were deemed the primary beneficiary based on our controlling financial interests. In January 2019, we redeemed all 317,022 remaining Tau Operating Partnership common units held by nonaffiliates for $20.2 million and recorded the excess over carrying value of $6.9 million as a reduction to common stock and paid in capital. In conjunction with this redemption, we also paid off the outstanding balance and interest on the $70.0 million senior unsecured term loan entered in January 2013 in conjunction with our acquisition of ARCT. Following the redemption, our taxable REIT subsidiary, Crest Net Lease, obtained a 0.11% interest in Tau Operating Partnership, and we hold 100% of the ownership interests of Tau Operating Partnership, L.P. While we continue to consolidate the entity, it is no longer considered a VIE. In 2019 and 2018, we completed the acquisitions of portfolios of properties, both by paying cash and by issuing additional common partnership units in Realty Income, L.P. as consideration for the acquisitions. At December 31, 2020, the remaining units from this issuance represent a 1.9% ownership in Realty Income, L.P. We hold the remaining 98.1% interests in this entity and consolidate the entity. None of our common partnership units have voting rights. Common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions. These issuances with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We determined that the units meet the requirements to qualify for presentation as permanent equity. In December 2020, we completed the acquisition of a development property by acquiring a controlling interest in a joint venture. We are the managing member of this joint venture, and possess the ability to control the business and manage the affairs of this entity. At December 31, 2020, we and our subsidiaries held an 75.8% interest, and consolidated this entity in our consolidated financial statements. In December 2019, we completed the acquisition of nine properties by acquiring a controlling interest in a joint venture. We are the managing member of this joint venture, and possess the ability to control the business and manage the affairs of this entity. At December 31, 2020, we and our subsidiaries held an 89.9% interest, and consolidated this entity in our consolidated financial statements. In 2016, we completed the acquisition of two properties by acquiring a controlling interest in two entities. In December 2018, we acquired all of the outstanding minority ownership interests associated with one of these entities. In July 2019, we acquired all of the outstanding minority interest associated with the remaining entity. The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2020 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Total Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Reallocation of equity — 653 — 653 Redemptions (13,356) — (901) (14,257) Additions to noncontrolling interest — 6,286 5,084 11,370 Distributions — (1,219) (77) (1,296) Allocation of net income — 964 32 996 Carrying value at December 31, 2019 $ — $ 24,596 $ 5,106 $ 29,702 Reallocation of equity — (47) — (47) Additions to noncontrolling interest — — 3,168 3,168 Distributions — (1,297) (299) (1,596) Allocation of net income — 848 172 1,020 Carrying value at December 31, 2020 $ — $ 24,100 $ 8,147 $ 32,247 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No units remained outstanding as of December 31, 2020 and 2019. (2) 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 units remained outstanding as of December 31, 2020 and 2019. At December 31, 2020 and 2019, respectively, Realty Income, L.P. and the joint ventures acquired during 2020 and 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Net real estate $ 635,963 $ 654,305 Total assets 723,668 744,394 Total liabilities 47,962 52,087

Distributions Paid and Payable

Distributions Paid and Payable	12 Months Ended
	Dec. 31, 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 2020, 2019 and 2018: Month 2020 2019 2018 January $ 0.2275 $ 0.2210 $ 0.2125 February 0.2325 0.2255 0.2190 March 0.2325 0.2255 0.2190 April 0.2330 0.2260 0.2195 May 0.2330 0.2260 0.2195 June 0.2330 0.2260 0.2195 July 0.2335 0.2265 0.2200 August 0.2335 0.2265 0.2200 September 0.2335 0.2265 0.2200 October 0.2340 0.2270 0.2205 November 0.2340 0.2270 0.2205 December 0.2340 0.2270 0.2205 Total $ 2.7940 $ 2.7105 $ 2.6305 The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2020 2019 2018 Ordinary income $ 2.2798764 $ 2.1206964 $ 2.0269173 Nontaxable distributions 0.4902835 0.5898036 0.6035827 Total capital gain distribution 0.0238401 — — Totals $ 2.7940000 $ 2.7105000 $ 2.6305000 At December 31, 2020, a distribution of $0.2345 per common share was payable and was paid in January 2021. At December 31, 2019, a distribution of $0.2275 per common share was payable and was paid in January 2020.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2020
Leases, Operating [Abstract]
Operating Leases	Operating Leases A. At December 31, 2020, we owned 6,592 properties in 49 U.S. states, Puerto Rico and the U.K. Of the 6,592 properties, 6,555, or 99.4%, are single-client properties, and the remaining are multi-client properties. At December 31, 2020, 140 properties were available for lease or sale. Substantially all of our leases are net leases where our client 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 our client's gross sales, or percentage rents, was $5.1 million for 2020, $8.0 million for 2019 and $5.9 million for 2018. At December 31, 2020, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands): 2021 $ 1,684,817 2022 1,629,281 2023 1,543,909 2024 1,428,212 2025 1,343,730 Thereafter 8,371,347 Totals $ 16,001,296 B. Major Clients - No individual client's rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2020, 2019 or 2018.

Gain on Sales of Real Estate

Gain on Sales of Real Estate	12 Months Ended
	Dec. 31, 2020
Gain (Loss) on Disposition of Assets [Abstract]
Gain on Sales of Real Estate	Gain on Sales of Real Estate The following table summarizes our properties sold during the periods indicated below (dollars in millions): Year Ended December 31, 2020 2019 2018 Number of properties 126 93 128 Net sales proceeds $ 262.5 $ 108.9 $ 142.3 Gain on sales of real estate $ 76.2 $ 30.0 $ 24.6 These property sales do not represent a strategic shift that will have a major effect on our operations and financial results, and therefore do not require presentation as discontinued operations.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable and commercial paper borrowings, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions): At December 31, 2020 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 299.6 $ 309.4 Notes and bonds payable (2) 8,302.4 9,324.0 At December 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 408.4 $ 417.7 Notes and bonds payable (2) 6,317.6 6,826.1 ( 1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $1.7 million at December 31, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $973,000 at December 31, 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 $14.6 million at December 31, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $49.2 million at December 31, 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. The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2020 and 2019 (dollars in millions): Derivative Type Accounting Classification Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Interest rate swap (1) Derivative Cash flow $ — $ 7.0 6.03% 09/25/2012 09/03/2021 $ — $ (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 (22.6) (14.7) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (3) 05/20/2019 05/22/2034 (5.2) (2.6) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (4) 05/20/2019 05/22/2034 (5.1) (2.6) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (5) 05/20/2019 05/22/2034 (5.4) (2.9) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (6) 05/20/2019 05/22/2034 (5.7) (3.2) Currency exchange swap (2) Derivative N/A 625.0 — (7) 12/23/2020 01/29/2021 (8.2) — Forward-starting swap Derivative Cash flow 75.0 — 2.02% (8) 06/30/2033 (5.0) — Forward-starting swap Derivative Cash flow 75.0 — 1.94% (8) 11/30/2032 (5.2) — Forward-starting swap Derivative Cash flow 25.0 — 1.67% (8) 11/30/2032 (1.1) — Forward-starting swap Derivative Cash flow 125.0 — 1.75% (8) 06/30/2033 (5.2) — Forward-starting swap Hybrid debt Cash flow 125.0 — 1.88% (8) 11/30/2032 (7.9) — Forward-starting swap Hybrid debt Cash flow 75.0 — 2.00% (8) 06/30/2033 (4.9) — $ 1,541.4 $ 673.4 $ (81.5) $ (26.3) (1) In connection with the early prepayment of a mortgage loan during the fourth quarter of 2020, the swap was terminated with a payment of $0.2 million and we recognized an associated loss on derivative of $0.2 million. (2) Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap. (3) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%. (4) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%. (5) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%. (6) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%. (7) The forward GBP-USD exchange rate is 1.35. (8) 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 December 31, 2020 and 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 2020, we reclassified $11.4 million from AOCI as an increase to interest expense for our interest rate swaps and $3.6 million for 2020 in cross-currency swap losses into foreign currency and derivative gains, net. During 2019, we reclassified $3.4 million from AOCI as an increase to interest expense for our interest rate swaps and $5.5 million for 2019 in cross-currency swap losses into foreign currency and derivative gains, net. During 2018, there were no outstanding derivatives designated as hedges and accounted for through AOCI. As a result, there were no amounts to reclassify from AOCI during 2018. We expect to reclassify $10.3 million from AOCI as an increase to interest expense relating to interest rate swaps and $1.0 million from AOCI to foreign currency gain relating to cross-currency swaps within the next twelve months.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Cash paid for interest was $285.6 million in 2020, $275.3 million in 2019, and $251.5 million in 2018. Cash paid for income taxes was $13.1 million in 2020, $4.2 million in 2019, and $4.7 million in 2018. The following non-cash activities are included in the accompanying consolidated financial statements: A. During 2020, the fair value of derivatives decreased by $55.2 million. B. Non-refundable deposits from 2019 of $13.8 million were applied to acquisitions during 2020. C. As a result of the adoption of Accounting Standards Codifications Topic 842, Leases , on January 1, 2019, we recorded $132.0 million of lease liabilities and related right of use assets as lessee under operating leases. D. During 2019, we issued 89,322 common partnership units of Realty Income, L.P. totaling $6.3 million, as partial consideration for an acquisition of properties. E. During 2019, we recorded $5.1 million to noncontrolling interests in connection with the acquisition of a controlling interest in a consolidated joint venture. F. During 2019, we assumed mortgages payable to the third-party lenders of $130.8 million. G. During 2018, we issued 373,797 common partnership units of Realty Income, L.P. as partial consideration for an acquisition of properties, totaling $18.8 million. H. During 2018, we completed the acquisition of a property using $7.5 million in funds that were held in a non-refundable escrow account. Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows ) the following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the total of the cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows (dollars in thousands): December 31, 2020 December 31, 2019 Cash and cash equivalents shown in the consolidated balance sheets $ 824,476 $ 54,011 Restricted escrow deposits (1) 21,220 4,529 Impounds related to mortgages payable (1) 4,983 12,465 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 850,679 $ 71,005 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Common Stock Incentive Plan

Common Stock Incentive Plan	12 Months Ended
	Dec. 31, 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 $16.5 million during 2020, $13.7 million during 2019 and $27.3 million during 2018. Upon the departure of our former CFO in March 2020, we incurred a severance charge of $3.5 million, consisting of $1.6 million of cash, $1.8 million of share-based compensation expense and $58,000 of professional fees. Upon the departure of our former CEO in October 2018, we incurred a severance charge of $28.3 million, consisting of $9.8 million of cash, $17.9 million of share-based compensation expense and $574,000 of professional fees. The incremental severance of $18.7 million consists of the $28.3 million total severance charge reduced by $9.6 million of compensation accrued prior to separation. The net amount of accelerated equity awards expensed in 2018 related to his departure was $11.8 million. A. Restricted Stock The following table summarizes our common stock grant activity under our 2012 Plan. 2020 2019 2018 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 259,698 $ 58.39 307,821 $ 53.44 475,768 $ 52.32 Shares granted 103,473 $ 67.84 87,327 $ 69.83 183,952 $ 52.21 Shares vested (141,486) $ 56.94 (126,363) $ 54.45 (310,706) $ 51.05 Shares forfeited (2,203) $ 66.48 (9,087) $ 55.71 (41,193) $ 53.06 Outstanding nonvested shares, end of each period 219,482 $ 63.69 259,698 $ 58.39 307,821 $ 53.44 (1) Grant date fair value. The vesting schedule for shares granted to non-employee directors is as follows: • For directors with less than six years of service at the date of grant, shares vest in 33.33% annual increments upon re-election to the Board at each of the three • For directors with six years of service at the date of grant, shares vest in 50% annual increments upon re-election to the Board at each of the two • For directors with seven years of service at the date of grant, shares are 100% vested upon re-election to the Board in the following year; and • For directors with eight During May 2020, we granted 36,000 shares of restricted stock to the independent members of our Board of Directors, in connection with our annual awards, of which 24,000 shares vested immediately, and 12,000 shares vest in equal parts over a three-year service period. Our restricted stock awards granted to employees typically vest annually in equal parts over a four-year service period. During 2020, 67,473 shares were granted to our employees, and vest over a four-year service period, with the exception of 4,541 shares granted to our former CFO, which vested upon his departure from the Company. As of December 31, 2020, the remaining unamortized share-based compensation expense related to restricted stock totaled $8.6 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and conditions of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares. B. Performance Shares During 2020, 2019 and 2018, we granted performance share awards, as well as dividend equivalent rights, to our executive officers. The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Weighting for year granted Performance Awards Metrics 2020 2019 2018 Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index 70 % 45 % 45 % TSR ranking relative to J.P. Morgan Net Lease Peer Group N/A 26 % 26 % Dividend per share Growth Rate 15 % 16 % 16 % Debt-to-Adjusted EBITDA re Ratio N/A 13 % 13 % Net Debt-to-Adjusted EBITDA re Ratio 15 % N/A N/A The performance shares are earned based on our performance related to our metrics above, and vest 50% on the first and second January 1 after the end of the three-year performance period, subject to continued service. The performance period for the 2018 performance awards began on January 1, 2018 and ended on December 31, 2020. The performance period for the 2019 performance awards began on January 1, 2019 and will end on December 31, 2021. The performance period for the 2020 performance awards began on January 1, 2020 and will end on December 31, 2022. The fair value of the performance shares was estimated on the date of grant using a Monte Carlo Simulation model. The following table summarizes our performance share grant activity: 2020 2019 2018 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 304,663 $ 62.25 223,392 $ 58.78 245,309 $ 62.49 Shares granted 136,729 $ 79.98 128,581 $ 65.34 269,868 $ 51.98 Shares vested (139,012) $ 63.66 (47,310) $ 54.27 (291,785) $ 54.88 Shares forfeited (10,621) $ 66.64 — $ — — $ — Outstanding nonvested shares, end of each period 291,759 $ 69.73 304,663 $ 62.25 223,392 $ 58.78 (1) Grant date fair value. As of December 31, 2020, the remaining share-based compensation expense related to the performance shares totaled $8.9 million and is being recognized on a tranche-by-tranche basis over the service period. C. Restricted Stock Units During 2020, 2019 and 2018 we also granted restricted stock units that primarily vest over a four-year service period and have the same economic rights as shares of restricted stock: 2020 2019 2018 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 15,511 $ 59.82 14,968 $ 54.62 24,869 $ 55.97 Shares granted 9,966 $ 78.79 5,482 $ 69.58 8,383 $ 49.96 Shares vested (6,807) $ 58.63 (4,939) $ 54.90 (10,118) $ 55.01 Shares forfeited — $ — — $ — (8,166) $ 53.45 Outstanding nonvested shares, end of each period 18,670 $ 70.38 15,511 $ 59.82 14,968 $ 54.62 (1) Grant date fair value. The amount of share-based compensation for the restricted stock units is based on the fair value of our common stock at the grant date. The expense amortization period is the lesser of the four-year service period or the period over which the awardee reaches the qualifying retirement age. For employees who have already met the qualifying retirement age, restricted stock units are fully expensed at the grant date. As of December 31, 2020, the remaining share-based compensation expense related to the restricted stock units totaled $399,000 and is being recognized on a straight-line basis over the service period.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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 clients into 51 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 substantially all of our leases require our clients to pay or reimburse us for operating expenses, rental revenue is the only component of segment profit and loss we measure. Our investments in industries outside of the U.S. are managed as separate operating segments. The following tables set forth certain information regarding the properties owned by us, classified according to the business of our respective clients (dollars in thousands): Assets, as of December 31: 2020 2019 Segment net real estate: Automotive service $ 328,340 $ 288,453 Beverages 347,366 279,373 Child care 216,718 208,326 Convenience stores 2,101,005 2,057,157 Dollar stores 1,420,210 1,427,950 Drug stores 1,555,106 1,618,854 Financial services 374,508 389,634 General merchandise 730,806 475,418 Grocery stores - U.S. 907,634 922,349 Grocery stores - U.K. 1,131,760 663,210 Health and fitness 1,050,791 1,019,796 Home improvement - U.S. 608,222 495,305 Restaurants-casual dining 515,226 576,526 Restaurants-quick service 1,062,918 1,059,155 Theaters - U.S. 767,117 878,103 Transportation services 729,640 769,614 Wholesale club 407,584 396,690 Other non-reportable segments 3,230,205 2,970,859 Total segment net real estate 17,485,156 16,496,772 Intangible assets: Automotive service 55,018 58,854 Beverages 9,401 1,509 Child care 19,848 21,997 Convenience stores 121,151 131,808 Dollar stores 77,176 82,701 Drug stores 167,975 183,319 Financial services 14,611 17,130 General merchandise 108,646 66,135 Grocery stores - U.S. 181,764 180,197 Grocery stores - U.K. 282,211 153,407 Health and fitness 67,537 74,428 Home improvement - U.S. 97,228 72,979 Restaurants-casual dining 20,553 23,289 Restaurants-quick service 47,517 52,353 Theaters - U.S. 28,292 36,089 Transportation services 53,902 66,055 Wholesale club 36,165 23,372 Other non-reportable segments 321,660 247,761 Other corporate assets 1,544,474 564,641 Total assets $ 20,740,285 $ 18,554,796 Revenue for the years ended December 31, 2020 2019 2018 Segment rental revenue: Automotive service $ 35,090 $ 32,365 $ 28,303 Beverages 32,771 31,807 31,488 Child care 35,643 31,749 21,865 Convenience stores 189,658 166,755 142,194 Dollar stores 126,719 102,695 94,782 Drug stores 140,993 127,853 129,565 Financial services 30,531 30,189 29,429 General merchandise 49,352 35,366 29,249 Grocery stores - U.S. 78,106 69,691 63,594 Grocery stores - U.K. 51,459 17,819 — Health and fitness 104,744 105,896 94,638 Home improvement - U.S. 46,392 42,351 37,939 Restaurants-casual dining 46,265 45,238 46,171 Restaurants-quick service 88,163 92,018 72,465 Theaters - U.S. 78,653 87,698 70,560 Transportation services 64,131 66,500 63,565 Wholesale club 38,713 38,117 37,571 Other non-reportable segments and contractually obligated reimbursements by our clients 402,150 360,711 328,168 Rental (including reimbursable) 1,639,533 1,484,818 1,321,546 Other 12,092 6,773 6,292 Total revenue $ 1,651,625 $ 1,491,591 $ 1,327,838

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2020, we had commitments of $6.8 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of December 31, 2020, we had committed $100.0 million under construction contracts, which is expected to be paid in the next twelve months. We have certain properties that are subject to ground leases, which are accounted for as operating leases. At December 31, 2020, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Clients (2) Total 2021 $ 1.6 $ 13.7 $ 15.3 2022 1.6 13.6 15.2 2023 1.6 13.7 15.3 2024 1.6 13.8 15.4 2025 1.4 13.5 14.9 Thereafter 18.8 55.9 74.7 Total $ 26.6 $ 124.2 $ 150.8 Present value adjustment for remaining lease payments (3) (36.2) Lease liability - operating leases, net $ 114.6 (1) Realty Income currently pays the ground lessors directly for the rent under the ground leases. (2) Our clients, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a client fails to pay the ground lease rent, we are primarily responsible. (3 ) The range of discount rates used to calculate the present value of the lease payments is 2.42% to 5.50%. At December 31, 2020, the weighted average discount rate is 4.29% and the weighted average remaining lease term is 11.5 years. The discount rates are derived using a hypothetical corporate credit curve for the ground leases based on our outstanding senior notes and relevant market data. The discount rates are specific for individual leases primarily based on the lease term.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events • In January and February 2021, we declared a dividend of $0.2345, which will be paid in February 2021 and March 2021, respectively. • In January 2021, we completed the early redemption of our outstanding 3.250% notes due October 2022, for a redemption price of approximately $1.004 billion, consisting of the principal of $950.0 million, call premium of $47.2 million and accrued and unpaid interest of $7.1 million. • In January 2021, we raised $669.6 million from the issuance of 12,075,000 shares of common stock in an underwritten public offering, which included the underwriters' options to purchase 1,575,000 additional shares.

Consolidated Quarterly Financia

Consolidated Quarterly Financial Data	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Consolidated Quarterly Financial Data	CONSOLIDATED QUARTERLY FINANCIAL DATA (dollars in thousands, except per share data) (unaudited) (not covered by Report of Independent Registered Public Accounting Firm) First Second Third Fourth Year 2020 Total revenue (1) $ 414,341 $ 414,636 $ 404,572 $ 418,076 $ 1,651,625 Depreciation and amortization expense 164,585 168,328 169,084 175,041 677,038 Interest expense 75,925 77,841 76,806 78,764 309,336 Other expenses (2) 53,811 62,222 151,611 72,099 339,743 Net income 147,143 108,070 23,143 118,150 396,506 Net income available to common stockholders 146,827 107,824 22,904 117,931 395,486 Net income per common share Basic 0.44 0.31 0.07 0.33 1.15 Diluted 0.44 0.31 0.07 0.33 1.14 Dividends paid per common share 0.6925 0.6990 0.7005 0.7020 2.7940 2019 Total revenue $ 354,365 $ 365,450 $ 374,247 $ 397,529 $ 1,491,591 Depreciation and amortization expense 137,517 150,426 149,424 156,594 593,961 Interest expense 70,020 72,488 73,410 75,073 290,991 Other expenses (2) 42,861 54,143 52,139 52,269 201,412 Net income 111,230 95,420 101,275 129,553 437,478 Net income available to common stockholders 110,942 95,194 101,049 129,297 436,482 Net income per common share Basic and diluted 0.37 0.31 0.32 0.39 1.38 Dividends paid per common share 0.6720 0.6780 0.6795 0.6810 2.7105 (1) Total revenue for the second half of 2020 was negatively impacted by rent reserves recorded as reductions of rental revenue. (2) Other expenses can vary among quarters, primarily due to provisions for impairment, gains on sales of real estate, and foreign currency gains and losses.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years) U.S. Aerospace 5 12,811,485 6,890,774 110,783,380 222,669 — 6,890,774 111,006,049 117,896,823 32,439,224 1994-2013 6/20/2011-6/27/2013 25-35 Apparel stores 37 13,925,000 73,267,619 183,914,767 3,472,987 199,362 73,267,619 187,587,116 260,854,735 48,433,166 1970-2012 10/30/1987-10/6/2020 4-25 Automotive collision services 83 — 59,995,209 140,125,701 1,800,680 10,000 59,995,209 141,936,381 201,931,590 33,434,601 1928-2020 8/30/2002-7/7/2020 19-25 Automotive parts 251 — 98,784,470 252,803,413 4,702,685 826,885 98,784,470 258,332,983 357,117,453 73,960,839 1969-2020 8/6/1987-10/28/2020 15-25 Automotive service 319 — 156,569,614 244,468,843 513,914 147,524 156,569,614 245,130,281 401,699,895 73,360,221 1920-2019 10/2/1985-12/23/2020 14-25 Automotive tire services 202 — 126,835,381 234,004,107 727,127 97,335 126,835,381 234,828,569 361,663,950 123,637,853 1947-2017 11/27/1985-12/14/2020 10-25 Beverages 20 — 217,138,252 174,982,150 — 147 217,138,252 174,982,297 392,120,549 44,754,449 1992-2020 6/25/2010-11/9/2020 25-35 Book Stores 1 — 998,250 3,696,707 129,751 79 998,250 3,826,537 4,824,787 3,590,046 1996 3/11/1997 25 Child care 278 — 98,644,904 221,368,767 5,240,741 901,323 98,644,904 227,510,831 326,155,735 109,437,582 1958-2018 12/22/1981-10/30/2020 4-25 Consumer electronics 12 — 22,731,086 28,326,134 939,944 51,616 22,731,086 29,317,694 52,048,780 12,093,963 1992-2003 6/9/1997-12/7/2020 23-25 Consumer goods 4 — 7,663,458 124,173,738 894,295 — 7,663,458 125,068,033 132,731,491 26,065,011 1987-2011 1/22/2013-9/22/2015 34-35 Convenience stores 1,255 — 1,067,078,213 1,402,601,795 (598,228) 145,384 1,067,078,213 1,402,148,951 2,469,227,164 368,222,563 1949-2020 3/3/1995-10/30/2020 5-25 Crafts and novelties 29 — 53,819,025 124,854,660 995,404 440,482 53,819,025 126,290,546 180,109,571 18,551,249 1974-2020 11/26/1996-9/29/2020 22-34 Diversified industrial 8 9,790,000 12,501,884 140,181,089 139,970 — 12,501,884 140,321,059 152,822,943 21,274,393 1987-2015 9/19/2012-10/30/2020 25-35 Dollar stores 1,337 11,127,000 436,860,261 1,283,734,718 1,749,982 8,879 436,860,261 1,285,493,579 1,722,353,840 302,143,582 1935-2020 2/3/1998-11/6/2020 21-25 Drug stores 384 123,224,723 575,380,313 1,331,712,483 3,288,007 100,379 575,380,313 1,335,100,869 1,910,481,182 355,374,686 1965-2015 9/30/1998-12/16/2019 9-35 Education 13 — 5,689,836 19,699,816 389,722 130,135 5,689,836 20,219,673 25,909,509 16,215,093 1980-2000 12/19/1984-6/28/2006 12-25 Electric utilities 1 — 1,450,000 9,209,989 — — 1,450,000 9,209,989 10,659,989 1,941,726 1983 8/30/2013 35 Entertainment 10 — 28,373,479 10,617,464 515,457 — 28,373,479 11,132,921 39,506,400 6,634,393 1989-1999 3/26/1998-9/11/2014 24-25 Equipment services 6 — 3,889,283 38,989,570 650,489 140 3,889,283 39,640,199 43,529,482 11,916,443 2000-2014 7/3/2003-12/2/2019 25-35 Financial services 238 — 115,289,112 351,027,648 (4,403,463) 101,099 115,289,112 346,725,284 462,014,396 87,506,735 1807-2015 3/10/1987-6/29/2018 15-35 Food processing 6 28,533,002 13,025,055 151,759,842 210,468 — 13,025,055 151,970,310 164,995,365 25,524,794 1988-2019 4/1/2011-9/27/2019 25-35 General merchandise 122 — 199,207,356 619,215,984 (6,200,698) 557,868 199,207,356 613,573,154 812,780,510 81,974,326 1954-2020 8/6/1987-12/23/2020 15-35 Government services 16 — 8,093,555 121,520,749 3,517,744 — 8,093,555 125,038,493 133,132,048 29,653,734 1983-2011 9/17/2009-1/22/2013 25-35 Grocery stores 132 38,621,000 276,250,552 783,434,945 1,821,243 325,183 276,250,552 785,581,371 1,061,831,923 154,197,849 1948-2020 5/26/1988-12/22/2020 20-35 Health and beauty 2 — 2,475,474 43,935,914 — — 2,475,474 43,935,914 46,411,388 3,256,609 2005-2017 11/1/2006-4/13/2018 25-35 Health and fitness 103 — 251,062,948 1,054,810,217 7,735,262 172,145 251,062,948 1,062,717,624 1,313,780,572 262,990,060 1940-2019 5/31/1995-3/19/2020 23-25 Health care 66 — 51,510,133 298,522,788 4,046,245 1,285,766 51,510,133 303,854,799 355,364,932 66,121,271 1930-2018 9/9/1991-12/2/2019 16-35 Home furnishings 64 9,700,000 31,810,693 109,453,697 2,365,455 127,944 31,810,693 111,947,096 143,757,789 34,126,430 1968-2015 1/24/1984-1/13/2020 15-35 Home improvement 83 6,095,360 224,674,137 465,949,401 2,472,665 75,210 224,674,137 468,497,276 693,171,413 84,948,975 1950-2015 12/22/1986-11/23/2020 23-35 Insurance 1 — 634,343 6,331,030 — — 634,343 6,331,030 6,965,373 2,120,895 2012 8/28/2012 25 Jewelry 4 — — 8,268,989 — — — 8,268,989 8,268,989 2,632,294 2006-2008 1/22/2013 25 Machinery 1 — 1,630,917 12,938,430 — — 1,630,917 12,938,430 14,569,347 4,377,502 2010 7/31/2012 25 Motor vehicle dealerships 28 — 115,897,045 143,335,317 — 231 115,897,045 143,335,548 259,232,593 56,030,088 1975-2017 5/13/2004-3/29/2019 25 Office supplies 7 — 8,281,041 13,776,478 875,115 349,599 8,281,041 15,001,192 23,282,233 12,683,737 1995-2014 1/29/1997-12/2/2019 23-25 Other manufacturing 7 23,664,607 8,893,136 78,526,394 1,676,794 239,723 8,893,136 80,442,911 89,336,047 14,216,221 1989-2016 1/22/2013-12/21/2016 34-35 Packaging 10 1,809,877 20,323,553 163,114,123 2,480,121 — 20,323,553 165,594,244 185,917,797 33,290,751 1965-2016 6/3/2011-12/20/2017 25-35 Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6) Description Number of Properties (Note 1) Encumbrances (Note 2) Land Buildings, Improvements and Acquisition Fees Improvements Carrying Costs Land Buildings, Improvements and Acquisition Fees Total Accumulated Depreciation (Note 5) Date of Construction Date Acquired Life on which depreciation in latest Income Statement is Computed (in Years) Paper 2 — 2,462,414 11,934,685 44,760 — 2,462,414 11,979,445 14,441,859 3,834,776 2002-2006 5/2/2011-12/21/2012 25-35 Pet supplies and services 43 2,509,000 26,418,753 114,773,425 5,541,147 243,582 26,418,753 120,558,154 146,976,907 25,506,704 1950-2019 12/22/1981-11/24/2020 11-35 Restaurants - casual dining 263 — 225,489,972 416,077,090 (1,386,447) 1,936,522 225,489,972 416,627,165 642,117,137 126,891,240 1965-2018 5/16/1984-12/2/2019 10-40 Restaurants - quick service 907 — 434,309,094 806,191,905 865,353 212,582 434,309,094 807,269,840 1,241,578,934 178,660,444 1968-2019 12/9/1976-10/12/2020 11-26 Shoe stores 3 — 6,251,472 35,793,479 214,466 214,706 6,251,472 36,222,651 42,474,123 10,836,836 1996-2008 3/26/1998-1/22/2013 23-35 Sporting goods 20 — 34,594,645 101,810,538 997,950 178,206 34,594,645 102,986,694 137,581,339 29,388,411 1950-2016 10/17/2001-12/2/2019 19-25 Telecommunications 7 — 9,269,789 68,360,132 1,484,421 21,884 9,269,789 69,866,437 79,136,226 20,270,489 1990-2016 6/26/1998-12/10/2015 22-35 Theaters 78 — 227,724,561 742,442,923 8,987,908 270 227,724,561 751,431,101 979,155,662 212,038,075 1930-2014 7/27/2000-8/13/2019 21-25 Transportation services 44 — 102,948,288 800,700,134 3,051,181 401,593 102,948,288 804,152,908 907,101,196 177,461,019 1967-2016 4/1/2003-9/6/2016 25-35 Wholesale clubs 33 17,820,000 191,190,334 328,001,563 (3,889,900) — 191,190,334 324,111,663 515,301,997 107,718,055 1985-2015 9/30/2011-9/25/2020 25 Other 6 — 7,254,447 24,355,185 887,023 18,796 7,254,447 25,261,004 32,515,451 6,351,227 1982-1997 5/29/1984-9/13/2013 23-35 U.K. Grocery stores 31 — 568,612,041 586,831,469 — — 568,612,041 586,831,469 1,155,443,510 23,683,408 1975-2020 5/23/2019-12/24/2020 25-167 Health care 2 — 8,902,803 17,341,109 — — 8,902,803 17,341,109 26,243,912 447,303 2000 3/23/2020 63-71 Home improvement 8 — 101,275,951 86,969,771 — — 101,275,951 86,969,771 188,245,722 956,356 1986-2006 7/31/2020-12/2/2020 25 Theaters 1 — 1,561,502 — — — 1,561,502 — 1,561,502 — 2011 12/18/2019 N/A 6,593 299,631,054 6,331,886,427 14,647,754,645 59,170,409 9,522,579 6,331,886,427 14,716,447,633 21,048,334,060 3,563,177,697 REALTY INCOME CORPORATION AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION Note 1. Realty Income Corporation owns 6,503 single-client properties in the United States and Puerto Rico, our corporate headquarters property in San Diego, California and 39 single-client properties in the United Kingdom. Crest Net Lease, Inc. owns 13 single-client properties in the United States. Realty Income Corporation also owns 34 multi-client properties located in the United States and owns three multi-client properties located in the United Kingdom. Note 2. Includes mortgages payable secured by 68 properties, but excludes unamortized net debt premiums of $1.7 million. Note 3. The aggregate cost for federal income tax purposes for Realty Income Corporation is $22,741,595,516 and for Crest Net Lease, Inc. is $92,643,698. Note 4. The following is a reconciliation of total real estate carrying value for the years ended December 31: 2020 2019 2018 Balance at Beginning of Period 19,637,626,852 16,566,601,986 15,027,043,415 Additions During Period: Acquisitions 2,163,707,260 3,644,884,106 1,802,745,841 Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets (382,849,836) (401,318,627) (89,474,897) Improvements, Etc. 6,194,424 17,447,145 23,043,158 Other (Leasing Costs and Building Adjustments as a result of net debt premiums) (1) 22,489,716 2,740,797 2,839,574 Total Additions 1,809,541,564 3,263,753,421 1,739,153,676 Deductions During Period: Cost of Real Estate sold 253,505,789 129,736,613 165,023,825 Cost of Equipment sold 24,799 11,200 15,650 Releasing costs 258,513 673,647 232,089 Other (including Provisions for Impairment) (2) 195,003,525 87,951,488 34,323,541 Total Deductions 448,792,626 218,372,948 199,595,105 Foreign Currency Translation 49,958,270 25,644,393 — Balance at Close of Period 21,048,334,060 19,637,626,852 16,566,601,986 (1) Includes reclassification of $22.5 million right of use assets under finance leases in 2020. (2) Includes provision for impairment and, for the year ended 2019, a reclassification of $36.9 million of right of use assets under finance leases in accordance with the adoption of ASC 842, Leases , on January 1, 2019. Note 5. The following is a reconciliation of accumulated depreciation for the years ended: Balance at Beginning of Period 3,140,854,604 2,723,085,290 2,350,544,126 Additions During Period - Provision for Depreciation 531,908,615 481,498,979 432,482,396 Deductions During Period: Accumulated depreciation of real estate and equipment sold or disposed of 110,914,744 64,053,838 59,941,232 Foreign Currency Translation 1,329,222 324,174 — Balance at Close of Period 3,563,177,697 3,140,854,604 2,723,085,290 Note 6. In 2020, provisions for impairment were recorded on ninety-nine Realty Income properties. In 2019, provisions for impairment were recorded on fifty-one Realty Income properties. In 2018, provisions for impairment were recorded on forty-four Realty Income properties. See report of independent registered public accounting firm.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Federal Income Taxes	Federal 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. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements.
Net Income per Common Share	Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units for the period, by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.
Lease Revenue Recognition and Accounts Receivable	Lease Revenue Recognition and Accounts Receivable . The majority of our leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon our client’s sales is recognized only after our client exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated rental revenue from our clients for recoverable real estate taxes and operating expenses are included in contractually obligated reimbursements by our clients, a component of rental revenue, in the period when such costs are incurred. Taxes and operating expenses paid directly by our clients are recorded on a net basis. Other revenue, includes property-related revenue not included in rental revenue and interest income recognized on financing receivables for certain leases with above-market terms. 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 clients. If the collection of substantially all of the future lease payments is less than probable, we record a reserve of the receivable balances associated with the lease and cease to recognize lease income, including straight-line rent, unless cash is received when due. 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 clients operate. These impacts may continue and increase in severity as the duration or extent of the pandemic increases. As a result, we have closely monitored the collectability of our accounts receivable and 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. 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 for which 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 a company concludes collection of substantially all lease payments under a lease is less than probable, rental revenue recognized for that lease is limited to cash received going forward, existing operating lease receivables must be written off as an adjustment to rental revenue, and no further operating lease receivables are recorded for that lease until such future determination is made that substantially all lease payments under that lease are now considered more than probable. The majority of concessions granted to our clients during 2020 as a result of the COVID-19 pandemic have been rent deferrals with the original lease term unchanged. We 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 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 2020. Similarly, rent abatements granted during 2020, which were also accounted for as lease modifications, impacted our rental revenue by an insignificant amount for 2020. Unless otherwise specified, references to reserves recorded as a reduction of rental revenue include amounts reserved for in the current period, as well as unrecognized contractual rental revenue and unrecognized straight-line rental revenue for leases accounted for on a cash basis. The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Year ended December 31, 2020 2019 2018 Rental revenue reserves $ 44.1 $ 1.4 $ 1.1 Straight-line rent reserves 8.4 1.5 0.2 Total rental revenue reserves $ 52.5 $ 2.9 $ 1.3 As of December 31, 2020, other than the information related to the reserves recorded to date, we do not have any further client 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 our clients 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. We also evaluated certain properties impacted by the COVID-19 pandemic for impairment (see Provisions for Impairment section below).
Principles of Consolidation	Principles of Consolidation . The accompanying consolidated financial statements include the accounts of Realty Income and other subsidiaries for which we make operating and financial decisions (i.e. control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination or asset acquisition was recognized at fair value as of the date of the transaction (see note 10). We have no unconsolidated investments.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash . We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted cash includes cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the U.S. Internal Revenue Code, impounds related to mortgages payable and cash that is not immediately available to Realty Income (i.e. escrow deposits for future acquisitions). Cash accounts maintained on behalf of Realty Income in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, Realty Income has not experienced any losses in such accounts.
Real Estate	Gain on Sales of Properties . When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income and comprehensive income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met. Allocation of the Purchase Price of Real Estate Acquisitions . A majority of our acquisitions qualify as asset acquisitions and the transaction costs associated with those acquisitions are capitalized. When acquiring a property for investment purposes, we typically allocate the cost of real estate acquired, inclusive of transaction costs, to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their relative estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases and the value of in-place leases, as applicable. Additionally, above-market rents on certain leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, while below-market rents on certain leases under which we are a lessor are accounted for as prepaid rent. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair values of the land, building and improvements, and identified intangible assets and liabilities, and is often based upon various characteristics of the market where the property is located. In addition, any assumed mortgages are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, client investment grade, maturity date, and comparable borrowings for similar assets. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses. Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: market land and building values, market rental rates, discount rates and capitalization rates. Our methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement), and unobservable inputs that reflect our own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs we believe the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. For certain of our purchase price allocations we have used the assistance of an independent third party real estate valuation firm. The allocation of tangible assets (which includes land and buildings/improvements) of an acquired property with an in-place lease is based upon relative fair value. Land is typically valued utilizing the sales comparison (or market) approach. Buildings and improvements are typically valued under the replacement cost approach. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease. The value of in-place leases is determined by our estimated costs related to acquiring a tenant and the carrying costs that would be incurred over the vacancy period to locate a tenant if the property were vacant, considering market conditions and costs to execute similar leases at the time of acquisition. The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income and comprehensive income. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to depreciation and amortization expense over the remaining periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are recorded to revenue or expense as appropriate. Depreciation and Amortization . Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of property improvements to accommodate the client's use, but in any event no later than one year from the completion of major construction activity. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 35 years Equipment 5 to 25 years Lease commissions and property improvements to accommodate the client's use The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases Provisions for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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, a fair value analysis is performed and, to the extent the estimated fair value is less than the current book value, a provision for impairment is recorded to reduce the book value to estimated fair value. Key assumptions that we utilize in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases. If a property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell. Twenty-one properties were classified as held for sale at December 31, 2020. During 2020, we identified the impact of the COVID-19 pandemic as an impairment triggering event for properties occupied by certain clients experiencing difficulties meeting their lease obligations to us. After considering the impacts of the COVID-19 pandemic on the key assumptions noted above, we determined that the carrying values of 38 properti es classified as held for investment for the year ended December 31, 2020 were not recoverable. As a result, we recorded provisions for impairment of $105.0 million for the year ended December 31, 2020 on the applicable properties impacted by the COVID-19 pandemic. Of the provisions for impairment recorded during 2020 for properties impacted by the COVID-19 pandemic, a total of 13 assets occupied by certain of our clients in the theater industry were impaired for $83.8 million, which reduced the carrying value of the properties from $123.4 million to their estimated fair value of $39.6 million. Impairments recorded on other properties during the year ended December 31, 2020 totaled $42.2 million. The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2020 2019 2018 Total provisions for impairment $ 147.2 $ 40.2 $ 26.3 Number of properties: Classified as held for sale 6 1 — Classified as held for investment 42 5 3 Sold 51 45 41
Equity Offering Costs	Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Noncontrolling Interests	Noncontrolling Interests.
Derivatives and Hedging Activities	Derivative and Hedging Activities. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. As of December 31, 2020 we had one interest rate swap in place on our $250.0 million unsecured term loan. Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. We designated these interest rate swaps as hedges in accordance with Topic 815, Derivatives and Hedging. We record interest rate swaps on the consolidated balances sheet at fair value. Changes to fair value are recorded to accumulated other comprehensive income, or AOCI, and are amortized through interest expense over the term of the associated debt. During December 2020, we entered into a currency exchange swap to exchange £463.1 million for $625.0 million, which matured in January 2021. The currency exchange swap was entered into to hedge our exposure to foreign currency risk associated with Sterling-denominated liabilities. As the currency exchange swap is not accounted for as a hedging instrument, the change in fair value is recorded in earnings through the caption entitled 'Foreign currency and derivative gains, net' in the consolidated statements of income and comprehensive income. The net loss from derivatives not designated in hedging relationships for 2020 totaled $14.5 million. We did not hold any derivatives that were not designated in hedging relationships during 2019. 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 AOCI. Upon the initial issuance of the 2031 Notes in May 2020, we amortized the AOCI balance over the term of the 2031 Notes. In 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 3-month USD-LIBOR swap rate 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. Upon issuance of the 2031 Notes during July 2020, the AOCI balance associated with four of the forward starting swaps with a notional amount of $350.0 million we amortized over the term of the notes. However, we elected not to terminate the four forward starting interest rate swaps, and redesignated the swaps in a new hedging relationship for a future debt issuance to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings between May 2020 and December 2023. Upon issuance during December 2020 of $325.0 million of 0.750% notes due March 2026 and $400.0 million of 1.800% notes due March 2033, the AOCI balance associated with four of the forward starting swaps with a notional amount of $350.0 million, representing the change in fair value for the swaps from the July issuance of the 2031 notes through the December note issuances, and the AOCI balance associated with the two remaining forward starting swaps with a notional amount of $150.0 million, representing the change in fair value from their inception during June 2020 through the December note issuances, are being amortized over the term, by first applying the notional to the $400.0 million of 1.800% notes due March 2033 and $100.0 million of notional to the remaining $325.0 million of 0.750% notes due March 2026. However, we elected not to terminate any of the six forward starting interest rate swaps, and redesignated the swaps in a new hedging relationship to hedge our exposure to the changes in the 10-year US treasury rates in anticipation of potential future debt offerings between December 2020 and December 2023. 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 Sterling for $166 million maturing in May 2034, in order to hedge the foreign currency risk associated with our Sterling-denominated intercompany loan receivable from our consolidated foreign subsidiaries. These cross-currency swaps were designated as cash flow hedges on their trade date. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedges on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in foreign currency and derivative gains, net on our consolidated statements of income and comprehensive income, which is the same caption item as the hedged transactions.
Use of Estimates	Use of Estimates . The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications . During 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.
Newly Issued and Adopted Accounting Standards	Newly Issued Accounting Standards. In March 2020, the FASB issued ASU 2020-04 establishing Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. We are currently evaluating the impact that the expected market transition from LIBOR to alternative references rates will have on our financial statements as well as the applicability of the aforementioned expedients and exceptions provided in ASU 2020-04. Recently Adopted Accounting Standards. In February 2016, the FASB issued ASU 2016-02 (Topic 842, Leases), which replaced Topic 840, Leases. Under this amended topic, the accounting applied by a lessor is largely unchanged from that applied under Topic 840, Leases. The large majority of our leases remain classified as operating leases, and we continue to recognize lease income on a generally straight-line basis over the lease term. Although primarily a lessor, we are also a lessee under several ground lease arrangements. We adopted Topic 842, Leases, effective as of January 1, 2019 using the effective date method, and elected the practical expedients available for implementation under the standard for all classes of underlying assets. As a result, we recognize lease obligations for ground leases designated as operating and financing leases with corresponding right of use assets and liabilities (see note 3). Additionally, above-market rents on certain of our leases under which we are a lessor are accounted for as financing receivables amortizing over the lease term, and below-market rents on certain of our leases under which we are a lessor are accounted for as prepaid rent (see note 3). Also, as a result of the adoption of this standard, contractually obligated reimbursements by our clients and property expenses are now presented on a gross basis as both contractually obligated reimbursements by our clients included in rental revenue, and as a reimbursable expense included in property expenses, respectively, on our consolidated statements of income and comprehensive income. Property taxes and insurance paid directly by the lessee to a third party will continue to be presented on a net basis. These presentation changes had no impact on our results of operations. As a result, there was no restatement of prior issued financial statements and, similarly, no cumulative effect adjustment to opening equity; however, we have elected to aggregate prior period tenant reimbursement revenue within rental revenue to be consistent with the current period presentation within the statements of income and comprehensive income.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of reconciliation of the denominator of the diluted net income per common share computation	The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation. 2020 2019 2018 Weighted average shares used for the basic net income per share computation 345,280,126 315,837,012 289,427,430 Incremental shares from share-based compensation 135,132 322,265 179,532 Weighted average partnership common units convertible to common shares that were dilutive — — 317,022 Weighted average shares used for diluted net income per share computation 345,415,258 316,159,277 289,923,984 Unvested shares from share-based compensation that were anti-dilutive 70,581 8,113 13,148 Weighted average partnership common units convertible to common shares that were anti-dilutive 463,119 442,073 297,576
Schedule of reserves recorded as reduction of rental revenue	The following table summarizes reserves recorded as a reduction of rental revenue (dollars in millions): Year ended December 31, 2020 2019 2018 Rental revenue reserves $ 44.1 $ 1.4 $ 1.1 Straight-line rent reserves 8.4 1.5 0.2 Total rental revenue reserves $ 52.5 $ 2.9 $ 1.3
Schedule of estimated useful lives of assets	Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Buildings 25 years or 35 years Building improvements 4 to 35 years Equipment 5 to 25 years Lease commissions and property improvements to accommodate the client's use The shorter of the term of the related lease or useful life Acquired in-place leases Remaining terms of the respective leases
Schedule of provisions for impairment	The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions): Year Ended December 31, 2020 2019 2018 Total provisions for impairment $ 147.2 $ 40.2 $ 26.3 Number of properties: Classified as held for sale 6 1 — Classified as held for investment 42 5 3 Sold 51 45 41

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Text Block Supplement [Abstract]
Schedule of accounts receivable	A. Accounts Receivable, net, consist of the following at: December 31, 2020 December 31, 2019 Straight-line rent receivables, net $ 174,074 $ 147,047 Client receivables, net 111,627 34,922 $ 285,701 $ 181,969
Schedule of acquired lease intangible assets, net	B. Lease intangible assets, net, consist of the following at: December 31, 2020 December 31, 2019 In-place leases $ 1,840,704 $ 1,612,153 Accumulated amortization of in-place leases (744,375) (627,676) Above-market leases 866,567 710,275 Accumulated amortization of above-market leases (252,241) (201,369) $ 1,710,655 $ 1,493,383
Schedule of other assets, net	C. Other assets, net, consist of the following at: December 31, 2020 December 31, 2019 Financing receivables $ 131,291 $ 81,892 Right of use asset - financing leases 118,585 36,901 Right of use asset - operating leases, net 112,049 120,533 Restricted escrow deposits 21,220 4,529 Goodwill 14,180 14,430 Prepaid expenses 11,795 11,839 Corporate assets, net 8,598 5,251 Credit facility origination costs, net 7,705 11,453 Impounds related to mortgages payable 4,983 12,465 Value-added tax receivable 1,130 9,682 Non-refundable escrow deposits 1,000 14,803 Derivative assets and receivables - at fair value 10 12 Other items 1,751 4,871 $ 434,297 $ 328,661
Schedule of accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the following at: December 31, 2020 December 31, 2019 Notes payable - interest payable $ 83,219 $ 75,114 Derivative liabilities and payables - at fair value 73,356 26,359 Property taxes payable 23,413 18,626 Accrued costs on properties under development 12,685 5,870 Value-added tax payable 8,077 13,434 Accrued income taxes 5,182 4,450 Mortgages, term loans, and credit line - interest payable and interest rate swaps 1,044 1,729 Other items 34,360 31,457 $ 241,336 $ 177,039
Schedule of acquired lease intangible liabilities, net	E. Lease intangible liabilities, net, consist of the following at: December 31, 2020 December 31, 2019 Below-market leases $ 460,895 $ 447,522 Accumulated amortization of below-market leases (139,697) (114,419) $ 321,198 $ 333,103
Schedule of other liabilities	F. Other liabilities consist of the following at: December 31, 2020 December 31, 2019 Rent received in advance and other deferred revenue $ 130,231 $ 127,687 Lease liability - operating leases, net 114,559 122,285 Lease liability - financing leases 6,256 5,946 Security deposits 5,817 6,303 $ 256,863 $ 262,221

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of acquisitions	Below is a summary of our acquisitions for the year ended December 31, 2020: Number of Properties Leasable Square Feet Investment Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2020 (1) Acquisitions - U.S. (in 30 states) 202 5,476,009 $ 1,302,220 14.9 5.8 % Acquisitions - U.K. (2) 24 2,120,256 920,934 10.8 6.1 % Total Acquisitions 226 7,596,265 $ 2,223,154 13.2 5.9 % Properties under Development - U.S. 18 1,601,095 84,127 15.3 5.6 % Total (3) 244 9,197,360 $ 2,307,281 13.2 5.9 % (1) None of our investments during 2020 caused any one client to be 10% or more of our total assets at December 31, 2020. All of our investments in acquired properties during 2020 are 100% leased at the acquisition date. (2) Represents investments of £707.8 million Sterling during the year ended December 31, 2020 converted at the applicable exchange rate on the date of acquisition. (3) Our clients occupying the new properties operate in 26 industries and are 86.6% retail and 13.4% industrial, based on rental revenue. Approximately 61% of the rental revenue generated from acquisitions during 2020 is from our investment grade rated clients, their subsidiaries or affiliated companies. Below is a summary of our acquisitions for the year ended December 31, 2019: Number of Properties Leasable Square Feet Investment Weighted Average Lease Term (Years) Initial Average Cash Lease Yield Year Ended December 31, 2019 (1) Acquisitions - U.S. (in 45 states) 753 11,630,423 $ 2,860,806 13.0 6.8 % Acquisitions - U.K. (2) 18 1,583,676 797,846 15.6 5.2 % Total Acquisitions 771 13,214,099 3,658,652 13.4 6.4 % Properties under Development - U.S. 18 522,173 56,585 15.1 7.3 % Total (3) 789 13,736,272 3,715,237 13.5 6.4 % (1) None of our investments during 2019 caused any one client to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties were 100% leased at the acquisition date. (2) Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition. (2) Our clients occupying the new properties operated in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 was from our investment grade rated clients, their subsidiaries or affiliated companies.
Schedule allocation of acquisitions	The acquisitions during the year ended December 31, 2020, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Year Ended December 31, 2020 (USD) (£ Sterling) Land (1) $ 337.5 £ 247.1 Buildings and improvements 768.4 258.7 Lease intangible assets (2) 203.1 139.8 Other assets (3) 52.4 62.9 Lease intangible liabilities (2) (12.9) (0.7) Other liabilities (4) (0.9) — $ 1,347.6 £ 707.8 (1) U.K. land includes £88.6 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets and liabilities is 15.9 years. (3) U.S. other assets consists of $51.7 million of financing receivables with above-market terms and $689,000 of right of use assets under ground leases. U.K. other assets consists entirely of right of use assets under ground leases. (4) U.S. other liabilities consists entirely of lease liabilities under ground leases. The acquisitions during the year ended December 31, 2019, which had no associated contingent consideration, were allocated as follows (dollars in millions): Acquisitions - U.S. Acquisitions - U.K. Year Ended December 31, 2019 (USD) (£ Sterling) Land (1) $ 780.0 £ 251.0 Buildings and improvements 1,776.1 249.3 Lease intangible assets (2) 290.1 129.9 Other assets (3) 82.0 — Lease intangible liabilities (4) (41.9) (4.4) Other liabilities (5) (8.4) — $ 2,877.9 £ 625.8 (1) U.K. land includes £24.9 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets is 13.3 years. (3) U.S other assets consists entirely of financing receivables with above-market terms. (4) The weighted average amortization period for acquired lease intangible liabilities is 18.1 years. (5) U.S. other liabilities consists entirely 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 December 31, 2020 (in thousands): Net Increase to 2021 $ (31,717) $ 138,254 2022 (30,283) 126,762 2023 (28,745) 114,571 2024 (27,164) 105,775 2025 (26,609) 96,398 Thereafter (148,610) 514,569 Totals $ (293,128) $ 1,096,329

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages payable	12 Months Ended
	Dec. 31, 2020
Debt
Summary of mortgages payable	The following summarizes our mortgages payable as of December 31, 2020 and 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 Mortgage 12/31/2020 68 4.9 % 4.6 % 2.9 $ 299,631 $ 729 $ 300,360 12/31/2019 92 4.9 % 4.6 % 3.1 $ 408,419 $ 1,700 $ 410,119 (1) At December 31, 2020, there were 18 mortgages on 68 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2020, all mortgages were at fixed interest rates. At December 31, 2019, we had one variable rate mortgage with a principal balance of $7.1 million that was swapped to a fixed interest rate. (2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2020 and 2019, respectively. (3) Effective interest rates ranged from 4.0% to 5.5% at December 31, 2020, while effective interest rates ranged from 3.8% to 7.6% at December 31, 2019.
Schedule of maturity of debt, net	The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.7 million and deferred financing costs of $973,000, as of December 31, 2020 (dollars in millions): Year of Maturity Principal 2021 $ 44.2 2022 111.8 2023 20.6 2024 112.2 2025 0.7 Thereafter 10.1 Totals $ 299.6

Notes Payable (Tables)

Notes Payable (Tables) - Notes and bonds payable	12 Months Ended
	Dec. 31, 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): December 31, 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 (1) 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 0.750% notes, issued December 2020 and due in March 2026 325 — 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 1.625% notes, issued in October 2020 and due December 2030 (2) 547 — 3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031 950 — 1.800% notes, issued in December 2020 and due in March 2033 400 — 2.730% notes, issued in May 2019 and due in May 2034 (2) 431 418 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 8,303 6,318 Unamortized net original issuance premiums and deferred financing costs (35) (30) $ 8,268 $ 6,288 (1) In January 2021, we completed the early redemption of all $950.0 million in principal. See note 19, Subsequent Events .
Schedule of maturity of debt, net	The following table summarizes the maturity of our notes and bonds payable as of December 31, 2020, excluding unamortized net original issuance premiums of $14.6 million and deferred financing costs of $49.2 million (dollars in millions): Year of Maturity Principal 2022 (1) $ 950 2023 750 2024 350 2025 500 Thereafter 5,753 Totals $ 8,303 (1) In January 2021, we completed the early redemption of all $950.0 million in principal. See note 19, Subsequent Events .
Schedule of notes and bonds issued during the year	During the three year period ended December 31, 2020 we issued the following notes and bonds (in millions): 2020 Issuances Date of Maturity date Principal Price of par value Effective yield to 3.250% notes (1) May 2020 January 2031 $600 98.99 % 3.36% 3.250% notes (1) July 2020 January 2031 $350 108.24 % 2.34% 1.625% notes October 2020 December 2030 £400 99.19 % 1.71% 0.750% notes December 2020 March 2026 $325 99.19 % 0.91% 1.800% notes December 2020 March 2033 $400 98.47 % 1.94% 2019 Issuances 2.730% notes May 2019 May 2034 £315 100.00 % 2.73% 3.250% notes June 2019 June 2029 $500 99.36 % 3.33% 2018 Issuance 3.875% notes April 2018 April 2025 $500 99.50 % 3.96% (1) In July 2020, we issued $350.0 million of 3.250% senior unsecured notes due January 2031 (the "2031 Notes"), which constituted a further issuance of, and formed a single series with, the $600.0 million of 2031 Notes issued in May 2020.

Issuances of Common Stock (Tabl

Issuances of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of common stock issuances pursuant to ATM program	The following table outlines common stock issuances pursuant to our ATM program (dollars in millions): Year Ended December 31, 2020 2019 2018 Shares of common stock issued under the ATM program 17,724,374 17,051,456 19,138,610 Gross proceeds $ 1,094.9 $ 1,274.5 $ 1,125.4
Schedule of common stock issuances pursuant to DRSPP program	The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions): Year Ended December 31, 2020 2019 2018 Shares of common stock issued under the DRSPP program 149,289 117,522 116,268 Gross proceeds $ 9.1 $ 8.4 $ 9.1

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 (dollars in thousands): Tau Operating Partnership units (1) Realty Income, L.P. units (2) Other Total Carrying value at December 31, 2018 $ 13,356 $ 17,912 $ 968 $ 32,236 Reallocation of equity — 653 — 653 Redemptions (13,356) — (901) (14,257) Additions to noncontrolling interest — 6,286 5,084 11,370 Distributions — (1,219) (77) (1,296) Allocation of net income — 964 32 996 Carrying value at December 31, 2019 $ — $ 24,596 $ 5,106 $ 29,702 Reallocation of equity — (47) — (47) Additions to noncontrolling interest — — 3,168 3,168 Distributions — (1,297) (299) (1,596) Allocation of net income — 848 172 1,020 Carrying value at December 31, 2020 $ — $ 24,100 $ 8,147 $ 32,247 (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013. No units remained outstanding as of December 31, 2020 and 2019. (2) 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 units remained outstanding as of December 31, 2020 and 2019.
Summary of selected financial data of consolidated VIEs	Below is a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Net real estate $ 635,963 $ 654,305 Total assets 723,668 744,394 Total liabilities 47,962 52,087

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Dividends [Abstract]
Summary of monthly distributions paid per common share	The following is a summary of monthly distributions paid per common share for 2020, 2019 and 2018: Month 2020 2019 2018 January $ 0.2275 $ 0.2210 $ 0.2125 February 0.2325 0.2255 0.2190 March 0.2325 0.2255 0.2190 April 0.2330 0.2260 0.2195 May 0.2330 0.2260 0.2195 June 0.2330 0.2260 0.2195 July 0.2335 0.2265 0.2200 August 0.2335 0.2265 0.2200 September 0.2335 0.2265 0.2200 October 0.2340 0.2270 0.2205 November 0.2340 0.2270 0.2205 December 0.2340 0.2270 0.2205 Total $ 2.7940 $ 2.7105 $ 2.6305
Schedule of federal income tax characterization of distributions paid or deemed to be paid	The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years: 2020 2019 2018 Ordinary income $ 2.2798764 $ 2.1206964 $ 2.0269173 Nontaxable distributions 0.4902835 0.5898036 0.6035827 Total capital gain distribution 0.0238401 — — Totals $ 2.7940000 $ 2.7105000 $ 2.6305000

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases, Operating [Abstract]
Schedule of minimum future annual rents to be received on operating leases	At December 31, 2020, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands): 2021 $ 1,684,817 2022 1,629,281 2023 1,543,909 2024 1,428,212 2025 1,343,730 Thereafter 8,371,347 Totals $ 16,001,296

Gain on Sales of Real Estate (T

Gain on Sales of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Gain (Loss) on Disposition of Assets [Abstract]
Schedule of properties sold	The following table summarizes our properties sold during the periods indicated below (dollars in millions): Year Ended December 31, 2020 2019 2018 Number of properties 126 93 128 Net sales proceeds $ 262.5 $ 108.9 $ 142.3 Gain on sales of real estate $ 76.2 $ 30.0 $ 24.6

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 and commercial paper borrowings, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions): At December 31, 2020 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 299.6 $ 309.4 Notes and bonds payable (2) 8,302.4 9,324.0 At December 31, 2019 Carrying value Estimated fair value Mortgages payable assumed in connection with acquisitions (1) $ 408.4 $ 417.7 Notes and bonds payable (2) 6,317.6 6,826.1 ( 1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $1.7 million at December 31, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $973,000 at December 31, 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 $14.6 million at December 31, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $49.2 million at December 31, 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 December 31, 2020 and 2019 (dollars in millions): Derivative Type Accounting Classification Hedge Designation Notional Amount Strike Effective Date Maturity Date Fair Value - asset (liability) December 31, December 31, December 31, December 31, 2020 2019 2020 2019 Interest rate swap (1) Derivative Cash flow $ — $ 7.0 6.03% 09/25/2012 09/03/2021 $ — $ (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 (22.6) (14.7) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (3) 05/20/2019 05/22/2034 (5.2) (2.6) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (4) 05/20/2019 05/22/2034 (5.1) (2.6) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (5) 05/20/2019 05/22/2034 (5.4) (2.9) Cross-currency swap (2) Derivative Cash flow 41.6 41.6 (6) 05/20/2019 05/22/2034 (5.7) (3.2) Currency exchange swap (2) Derivative N/A 625.0 — (7) 12/23/2020 01/29/2021 (8.2) — Forward-starting swap Derivative Cash flow 75.0 — 2.02% (8) 06/30/2033 (5.0) — Forward-starting swap Derivative Cash flow 75.0 — 1.94% (8) 11/30/2032 (5.2) — Forward-starting swap Derivative Cash flow 25.0 — 1.67% (8) 11/30/2032 (1.1) — Forward-starting swap Derivative Cash flow 125.0 — 1.75% (8) 06/30/2033 (5.2) — Forward-starting swap Hybrid debt Cash flow 125.0 — 1.88% (8) 11/30/2032 (7.9) — Forward-starting swap Hybrid debt Cash flow 75.0 — 2.00% (8) 06/30/2033 (4.9) — $ 1,541.4 $ 673.4 $ (81.5) $ (26.3) (1) In connection with the early prepayment of a mortgage loan during the fourth quarter of 2020, the swap was terminated with a payment of $0.2 million and we recognized an associated loss on derivative of $0.2 million. (2) Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap. (3) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%. (4) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%. (5) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%. (6) GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%. (7) The forward GBP-USD exchange rate is 1.35. (8) 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.

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Cash and cash equivalents shown in the consolidated balance sheets $ 824,476 $ 54,011 Restricted escrow deposits (1) 21,220 4,529 Impounds related to mortgages payable (1) 4,983 12,465 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 850,679 $ 71,005 (1) Included within other assets, net on the consolidated balance sheets (see note 3). These amounts consist of cash that we are legally entitled to, but that is not immediately available to us. As a result, these amounts were considered restricted as of the dates presented.

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of nonvested restricted stock activity	The following table summarizes our common stock grant activity under our 2012 Plan. 2020 2019 2018 Number of shares Weighted average price (1) Number of shares Weighted average price (1) Number of shares Weighted average price (1) Outstanding nonvested shares, beginning of year 259,698 $ 58.39 307,821 $ 53.44 475,768 $ 52.32 Shares granted 103,473 $ 67.84 87,327 $ 69.83 183,952 $ 52.21 Shares vested (141,486) $ 56.94 (126,363) $ 54.45 (310,706) $ 51.05 Shares forfeited (2,203) $ 66.48 (9,087) $ 55.71 (41,193) $ 53.06 Outstanding nonvested shares, end of each period 219,482 $ 63.69 259,698 $ 58.39 307,821 $ 53.44 (1) Grant date fair value.
Schedule of number of performance shares that vest based on the achievement of performance goals	The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals: Weighting for year granted Performance Awards Metrics 2020 2019 2018 Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index 70 % 45 % 45 % TSR ranking relative to J.P. Morgan Net Lease Peer Group N/A 26 % 26 % Dividend per share Growth Rate 15 % 16 % 16 % Debt-to-Adjusted EBITDA re Ratio N/A 13 % 13 % Net Debt-to-Adjusted EBITDA re Ratio 15 % N/A N/A
Schedule of nonvested performance shares activity	The following table summarizes our performance share grant activity: 2020 2019 2018 Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Number of performance shares Weighted average price (1) Outstanding nonvested shares, beginning of year 304,663 $ 62.25 223,392 $ 58.78 245,309 $ 62.49 Shares granted 136,729 $ 79.98 128,581 $ 65.34 269,868 $ 51.98 Shares vested (139,012) $ 63.66 (47,310) $ 54.27 (291,785) $ 54.88 Shares forfeited (10,621) $ 66.64 — $ — — $ — Outstanding nonvested shares, end of each period 291,759 $ 69.73 304,663 $ 62.25 223,392 $ 58.78 (1) Grant date fair value.
Schedule of nonvested restricted stock units activity	During 2020, 2019 and 2018 we also granted restricted stock units that primarily vest over a four-year service period and have the same economic rights as shares of restricted stock: 2020 2019 2018 Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Number of restricted stock units Weighted average price (1) Outstanding nonvested shares, beginning of year 15,511 $ 59.82 14,968 $ 54.62 24,869 $ 55.97 Shares granted 9,966 $ 78.79 5,482 $ 69.58 8,383 $ 49.96 Shares vested (6,807) $ 58.63 (4,939) $ 54.90 (10,118) $ 55.01 Shares forfeited — $ — — $ — (8,166) $ 53.45 Outstanding nonvested shares, end of each period 18,670 $ 70.38 15,511 $ 59.82 14,968 $ 54.62 (1) Grant date fair value.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 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 our respective clients (dollars in thousands): Assets, as of December 31: 2020 2019 Segment net real estate: Automotive service $ 328,340 $ 288,453 Beverages 347,366 279,373 Child care 216,718 208,326 Convenience stores 2,101,005 2,057,157 Dollar stores 1,420,210 1,427,950 Drug stores 1,555,106 1,618,854 Financial services 374,508 389,634 General merchandise 730,806 475,418 Grocery stores - U.S. 907,634 922,349 Grocery stores - U.K. 1,131,760 663,210 Health and fitness 1,050,791 1,019,796 Home improvement - U.S. 608,222 495,305 Restaurants-casual dining 515,226 576,526 Restaurants-quick service 1,062,918 1,059,155 Theaters - U.S. 767,117 878,103 Transportation services 729,640 769,614 Wholesale club 407,584 396,690 Other non-reportable segments 3,230,205 2,970,859 Total segment net real estate 17,485,156 16,496,772 Intangible assets: Automotive service 55,018 58,854 Beverages 9,401 1,509 Child care 19,848 21,997 Convenience stores 121,151 131,808 Dollar stores 77,176 82,701 Drug stores 167,975 183,319 Financial services 14,611 17,130 General merchandise 108,646 66,135 Grocery stores - U.S. 181,764 180,197 Grocery stores - U.K. 282,211 153,407 Health and fitness 67,537 74,428 Home improvement - U.S. 97,228 72,979 Restaurants-casual dining 20,553 23,289 Restaurants-quick service 47,517 52,353 Theaters - U.S. 28,292 36,089 Transportation services 53,902 66,055 Wholesale club 36,165 23,372 Other non-reportable segments 321,660 247,761 Other corporate assets 1,544,474 564,641 Total assets $ 20,740,285 $ 18,554,796
Schedule of reconciliation of revenue from segments to consolidated	Revenue for the years ended December 31, 2020 2019 2018 Segment rental revenue: Automotive service $ 35,090 $ 32,365 $ 28,303 Beverages 32,771 31,807 31,488 Child care 35,643 31,749 21,865 Convenience stores 189,658 166,755 142,194 Dollar stores 126,719 102,695 94,782 Drug stores 140,993 127,853 129,565 Financial services 30,531 30,189 29,429 General merchandise 49,352 35,366 29,249 Grocery stores - U.S. 78,106 69,691 63,594 Grocery stores - U.K. 51,459 17,819 — Health and fitness 104,744 105,896 94,638 Home improvement - U.S. 46,392 42,351 37,939 Restaurants-casual dining 46,265 45,238 46,171 Restaurants-quick service 88,163 92,018 72,465 Theaters - U.S. 78,653 87,698 70,560 Transportation services 64,131 66,500 63,565 Wholesale club 38,713 38,117 37,571 Other non-reportable segments and contractually obligated reimbursements by our clients 402,150 360,711 328,168 Rental (including reimbursable) 1,639,533 1,484,818 1,321,546 Other 12,092 6,773 6,292 Total revenue $ 1,651,625 $ 1,491,591 $ 1,327,838

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum future rental payments under operating leases	At December 31, 2020, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions): Ground Leases Paid by Realty Income (1) Ground Leases Paid by Our Clients (2) Total 2021 $ 1.6 $ 13.7 $ 15.3 2022 1.6 13.6 15.2 2023 1.6 13.7 15.3 2024 1.6 13.8 15.4 2025 1.4 13.5 14.9 Thereafter 18.8 55.9 74.7 Total $ 26.6 $ 124.2 $ 150.8 Present value adjustment for remaining lease payments (3) (36.2) Lease liability - operating leases, net $ 114.6 (1) Realty Income currently pays the ground lessors directly for the rent under the ground leases. (2) Our clients, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a client fails to pay the ground lease rent, we are primarily responsible. (3 ) The range of discount rates used to calculate the present value of the lease payments is 2.42% to 5.50%. At December 31, 2020, the weighted average discount rate is 4.29% and the weighted average remaining lease term is 11.5 years. The discount rates are derived using a hypothetical corporate credit curve for the ground leases based on our outstanding senior notes and relevant market data. The discount rates are specific for individual leases primarily based on the lease term.

Consolidated Quarterly Financ_2

Consolidated Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly consolidated financial data	CONSOLIDATED QUARTERLY FINANCIAL DATA (dollars in thousands, except per share data) (unaudited) (not covered by Report of Independent Registered Public Accounting Firm) First Second Third Fourth Year 2020 Total revenue (1) $ 414,341 $ 414,636 $ 404,572 $ 418,076 $ 1,651,625 Depreciation and amortization expense 164,585 168,328 169,084 175,041 677,038 Interest expense 75,925 77,841 76,806 78,764 309,336 Other expenses (2) 53,811 62,222 151,611 72,099 339,743 Net income 147,143 108,070 23,143 118,150 396,506 Net income available to common stockholders 146,827 107,824 22,904 117,931 395,486 Net income per common share Basic 0.44 0.31 0.07 0.33 1.15 Diluted 0.44 0.31 0.07 0.33 1.14 Dividends paid per common share 0.6925 0.6990 0.7005 0.7020 2.7940 2019 Total revenue $ 354,365 $ 365,450 $ 374,247 $ 397,529 $ 1,491,591 Depreciation and amortization expense 137,517 150,426 149,424 156,594 593,961 Interest expense 70,020 72,488 73,410 75,073 290,991 Other expenses (2) 42,861 54,143 52,139 52,269 201,412 Net income 111,230 95,420 101,275 129,553 437,478 Net income available to common stockholders 110,942 95,194 101,049 129,297 436,482 Net income per common share Basic and diluted 0.37 0.31 0.32 0.39 1.38 Dividends paid per common share 0.6720 0.6780 0.6795 0.6810 2.7105 (1) Total revenue for the second half of 2020 was negatively impacted by rent reserves recorded as reductions of rental revenue. (2) Other expenses can vary among quarters, primarily due to provisions for impairment, gains on sales of real estate, and foreign currency gains and losses.

Organization and Operation (Det

Organization and Operation (Details) ft² in Millions	Dec. 31, 2020ft²propertystate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties owned | property	6,592
Number of U.S. states where properties are owned (states) | state	49
Leasable square feet (sq ft) | ft²	110.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Net Income Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Weighted average shares used for the basic net income per share computation (in shares)	345,280,126	315,837,012	289,427,430
Incremental shares from share-based compensation (in shares)	135,132	322,265	179,532
Weighted average partnership common units convertible to common shares that were dilutive (in shares)	0	0	317,022
Weighted average shares used for diluted net income per share computation (in shares)	345,415,258	316,159,277	289,923,984
Unvested shares from share-based compensation that were anti-dilutive
Net income per common share
Anti-dilutive shares excluded from computation (in shares)	70,581	8,113	13,148
Weighted average partnership common units convertible to common shares that were anti-dilutive
Net income per common share
Anti-dilutive shares excluded from computation (in shares)	463,119	442,073	297,576

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Reserves of Rental Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Rental revenue reserves	$ 44.1	$ 1.4	$ 1.1
Straight-line rent reserves	8.4	1.5	0.2
Total rental revenue reserves	$ 52.5	$ 2.9	$ 1.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Depreciation and Amortization (Details)	12 Months Ended
	Dec. 31, 2020
Buildings | Minimum
Depreciation and Amortization
Estimated useful life (in years)	25 years
Buildings | Maximum
Depreciation and Amortization
Estimated useful life (in years)	35 years
Building improvements | Minimum
Depreciation and Amortization
Estimated useful life (in years)	4 years
Building improvements | Maximum
Depreciation and Amortization
Estimated useful life (in years)	35 years
Equipment | Minimum
Depreciation and Amortization
Estimated useful life (in years)	5 years
Equipment | Maximum
Depreciation and Amortization
Estimated useful life (in years)	25 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Provision For Impairment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Sep. 30, 2020USD ($)
Provisions for Impairment
Number of properties owned	6,592
Provisions for impairment | $	$ 147,232	$ 40,186	$ 26,269
Number of impaired properties held for sale	6	1	0
Number of impaired properties held for investment	42	5	3
Number of impaired properties sold	51	45	41
Value of properties | $	$ 14,696,712	$ 13,833,882
Held for sale
Provisions for Impairment
Number of properties owned	21
COVID-19 impacted properties
Provisions for Impairment
Provisions for impairment | $	$ 105,000
Number of impaired properties held for investment	38
COVID-19 impacted properties | Theaters
Provisions for Impairment
Provisions for impairment | $	$ 83,800
Number of impaired properties held for investment	13
Value of properties | $	$ 39,600			$ 123,400
Other properties
Provisions for Impairment
Provisions for impairment | $	$ 42,200

Summary of Significant Accoun_8

Summary of Significant Accounting Policies and Procedures and Newly Adopted Accounting Standards - Derivative and Hedging Activities (Details) £ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)derivative	Jun. 30, 2020USD ($)derivative	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)derivativehybrid_instrumentmortgage	Dec. 31, 2020USD ($)derivativehybrid_instrumentmortgage	Feb. 29, 2020USD ($)derivative	Dec. 31, 2019USD ($)	May 31, 2019GBP (£)derivative	May 31, 2019USD ($)derivative	Oct. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap exchange notional amount						$ 1,541,400,000		$ 673,400,000
Number of hybrid debt instruments | hybrid_instrument					2	2
Term loans | $250 million senior unsecured term loan due Mar 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Face amount of loan						$ 250,000,000		250,000,000			$ 250,000,000
Notes payable | 0.750% notes, issued in December 2020 and due in March 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Face amount of loan						$ 325,000,000
Interest rate (as a percent)					0.75%	0.75%
Notional amount applied to notes payable	$ 100,000,000
Notes payable | 1.800% notes, issued in December 2020 and due in March 2033
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Face amount of loan						$ 400,000,000
Interest rate (as a percent)					1.80%	1.80%
Interest rate swap, maturity Mar 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | derivative					1	1
Currency exchange swap | Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap exchange notional amount					£ 463.1	$ 625,000,000		$ 0
Net loss from derivative				$ 14,500,000
Treasury rate locks | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | derivative							5
Swap exchange notional amount							$ 500,000,000
Number of instruments terminated | derivative			5
Forward starting swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | derivative			6		6	6
Swap exchange notional amount			$ 500,000,000
Number of derivative instruments | derivative					4	4
Redesignated forward starting swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Swap exchange notional amount		$ 350,000,000
Redesignated forward starting swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | derivative					4	4
Swap exchange notional amount						$ 350,000,000
Number of instruments being amortized | derivative		4
Other forward starting swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | mortgage					2	2
Swap exchange notional amount						$ 150,000,000
Cross-currency swaps | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | derivative									4	4
Swap exchange notional amount									£ 130	$ 166,000,000

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable
Straight-line rent receivables, net	$ 174,074	$ 147,047
Client receivables, net	111,627	34,922
Accounts receivable, net	$ 285,701	$ 181,969

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lease intangible assets, net
Total acquired lease intangible assets, net	$ 1,710,655	$ 1,493,383
In-place leases
Lease intangible assets, net
Lease intangible assets, gross	1,840,704	1,612,153
Accumulated amortization of lease intangible assets	(744,375)	(627,676)
Above-market leases
Lease intangible assets, net
Lease intangible assets, gross	866,567	710,275
Accumulated amortization of lease intangible assets	$ (252,241)	$ (201,369)

Supplemental Detail for Certa_5

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other assets, net
Financing receivables	$ 131,291	$ 81,892
Right of use asset - financing leases	118,585	36,901
Right of use asset - operating leases, net	112,049	120,533
Restricted escrow deposits	21,220	4,529
Goodwill	14,180	14,430
Prepaid expenses	11,795	11,839
Corporate assets, net	8,598	5,251
Credit facility origination costs, net	7,705	11,453
Impounds related to mortgages payable	4,983	12,465
Value-added tax receivable	1,130	9,682
Non-refundable escrow deposits	1,000	14,803
Derivative assets and receivables - at fair value	10	12
Other items	1,751	4,871
Total other assets, net	$ 434,297	$ 328,661
Right-of-use asset, financing leases, balance sheet line item	us-gaap:OtherAssets	us-gaap:OtherAssets
Right-of-use asset, operating 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 - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts payable and accrued expenses
Derivative liabilities and payables - at fair value	$ 73,356	$ 26,359
Property taxes payable	23,413	18,626
Accrued costs on properties under development	12,685	5,870
Value-added tax payable	8,077	13,434
Accrued income taxes	5,182	4,450
Other items	34,360	31,457
Total accounts payable and accrued expenses	241,336	177,039
Notes and bonds payable
Accounts payable and accrued expenses
Interest payable	83,219	75,114
Mortgages, term loans, credit line
Accounts payable and accrued expenses
Interest payable	$ 1,044	$ 1,729

Supplemental Detail for Certa_7

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Lease Intangible Liabilities, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lease intangible liabilities, net
Below-market leases	$ 460,895	$ 447,522
Accumulated amortization of below-market leases	(139,697)	(114,419)
Total lease intangible liabilities, net	$ 321,198	$ 333,103

Supplemental Detail for Certa_8

Supplemental Detail for Certain Components of Consolidated Balance Sheets - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other liabilities
Rent received in advance and other deferred revenue	$ 130,231	$ 127,687
Lease liability - operating leases, net	114,559	122,285
Lease liability - financing leases	6,256	5,946
Security deposits	5,817	6,303
Total other liabilities	$ 256,863	$ 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 Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)ft²propertystate	Dec. 31, 2020GBP (£)ft²propertystate	Dec. 31, 2019USD ($)ft²propertystate	Dec. 31, 2019GBP (£)ft²propertystate
Real Estate [Line Items]
Number of properties | property	244	244	789	789
Leasable square feet (sq ft) | ft²	9,197,360	9,197,360	13,736,272	13,736,272
Investment | $	$ 2,307,281		$ 3,715,237
Weighted average lease term (years)	13 years 2 months 12 days	13 years 2 months 12 days	13 years 6 months	13 years 6 months
Initial average cash lease yield (percent)	5.90%	5.90%	6.40%	6.40%
New properties
Real Estate [Line Items]
Number of properties, new | property	226	226	771	771
Leasable square feet (sq ft) | ft²	7,596,265	7,596,265	13,214,099	13,214,099
Investment | $	$ 2,223,154		$ 3,658,652
Weighted average lease term (years)	13 years 2 months 12 days	13 years 2 months 12 days	13 years 4 months 24 days	13 years 4 months 24 days
Initial average cash lease yield (percent)	5.90%	5.90%	6.40%	6.40%
New properties | U.S.
Real Estate [Line Items]
Number of properties, new | property	202	202	753	753
Number of states | state	30	30	45	45
Leasable square feet (sq ft) | ft²	5,476,009	5,476,009	11,630,423	11,630,423
Investment | $	$ 1,302,220		$ 2,860,806
Weighted average lease term (years)	14 years 10 months 24 days	14 years 10 months 24 days	13 years	13 years
Initial average cash lease yield (percent)	5.80%	5.80%	6.80%	6.80%
New properties | U.K.
Real Estate [Line Items]
Number of properties, new | property	24	24	18	18
Leasable square feet (sq ft) | ft²	2,120,256	2,120,256	1,583,676	1,583,676
Investment	$ 920,934	£ 707.8	$ 797,846	£ 625.8
Weighted average lease term (years)	10 years 9 months 18 days	10 years 9 months 18 days	15 years 7 months 6 days	15 years 7 months 6 days
Initial average cash lease yield (percent)	6.10%	6.10%	5.20%	5.20%
Properties under development | U.S.
Real Estate [Line Items]
Number of properties, under development | property	18	18	18	18
Leasable square feet (sq ft) | ft²	1,601,095	1,601,095	522,173	522,173
Investment | $	$ 84,127		$ 56,585
Weighted average lease term (years)	15 years 3 months 18 days	15 years 3 months 18 days	15 years 1 month 6 days	15 years 1 month 6 days
Initial average cash lease yield (percent)	5.60%	5.60%	7.30%	7.30%

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Acquisitions Narrative (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)property_investmentindustry	Dec. 31, 2020GBP (£)property_investmentindustry	Dec. 31, 2019USD ($)property_investmentindustry	Dec. 31, 2019GBP (£)property_investmentindustry
Investments in real estate properties
Number of investments in properties that caused any client to be 10% of more of total assets | property_investment	0	0	0	0
Value of properties acquired during the period	$ 2,307,281		$ 3,715,237
Rental revenue generated from acquisitions from investment grade clients (percent)	61.00%	61.00%	36.00%	36.00%
Industrial
Investments in real estate properties
Property type acquired based on rental revenue (percent)			5.40%	5.40%
New and under development
Investments in real estate properties
Acquired properties, percentage leased at the acquisition date (as a percent)	100.00%	100.00%	100.00%	100.00%
New properties
Investments in real estate properties
Value of properties acquired during the period	$ 2,223,154		$ 3,658,652
Number of industries in which tenants operate | industry	26	26	31	31
New properties | Retail
Investments in real estate properties
Property type acquired based on rental revenue (percent)	86.60%	86.60%	94.60%	94.60%
New properties | Industrial
Investments in real estate properties
Property type acquired based on rental revenue (percent)	13.40%	13.40%
New properties | U.K.
Investments in real estate properties
Value of properties acquired during the period	$ 920,934	£ 707.8	$ 797,846	£ 625.8

Investments in Real Estate - Ac

Investments in Real Estate - Acquisitions Allocation (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)
Real Estate Properties Acquired [Abstract]
Weighted average amortization period for acquired lease intangible assets	15 years 10 months 24 days	15 years 10 months 24 days	13 years 3 months 18 days	13 years 3 months 18 days
Weighted average amortization period for acquired lease intangible liabilities	15 years 10 months 24 days	15 years 10 months 24 days	18 years 1 month 6 days	18 years 1 month 6 days
Real Estate Investment | U.S.
Real Estate Properties Acquired [Abstract]
Land	$ 337,500		$ 780,000
Buildings and improvements	768,400		1,776,100
Lease intangible assets	203,100		290,100
Other assets	52,400		82,000
Lease intangible liabilities	(12,900)		(41,900)
Other liabilities	(900)		(8,400)
Net	1,347,600		$ 2,877,900
Real Estate Investment | U.S. | Other assets
Real Estate Properties Acquired [Abstract]
Allocated to right-of-use assets	689
Allocated to financing receivables	$ 51,700
Real Estate Investment | U.K.
Real Estate Properties Acquired [Abstract]
Land | £		£ 247.1		£ 251
Buildings and improvements | £		258.7		249.3
Lease intangible assets | £		139.8		129.9
Other assets | £		62.9		0
Lease intangible liabilities | £		(0.7)		(4.4)
Other liabilities | £		0		0
Net | £		707.8		625.8
Real Estate Investment | U.K. | Land
Real Estate Properties Acquired [Abstract]
Allocated to right-of-use assets | £		£ 88.6		£ 24.9

Investments in Real Estate - _3

Investments in Real Estate - Acquisitions Narrative (Details) - Real Estate Investment - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments in real estate properties
Revenue generated from acquired properties during the period	$ 54,600,000	$ 92,000,000
Net income generated from acquired properties during the period	19,400,000	36,900,000
Contingent consideration associated with acquisitions	$ 0	$ 0

Investments in Real Estate - In

Investments in Real Estate - Investments in Existing Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate properties
Capitalized costs on existing portfolio	$ 8,708	$ 23,536	$ 25,350
Investments in existing properties
Investments in real estate properties
Capitalized costs on existing portfolio	7,000	17,900
Re-leasing costs	1,800	2,100
Recurring capital expenditures	198	801
Nonrecurring building improvements	$ 5,000	$ 15,000

Investments in Real Estate - Pr

Investments in Real Estate - Properties with Existing Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Investments in real estate properties
Value of properties acquired during the period	$ 2,307,281	$ 3,715,237
Number of properties | property	244	789
Rental Revenue
Investments in real estate properties
Amortization of above and below market Leases	$ 30,900	$ 22,100	$ 16,900
In-Place Leases
Investments in real estate properties
Depreciation and amortization expense	134,600	112,000	$ 106,600
Real Estate Investment
Investments in real estate properties
Value of properties acquired during the period	2,300,000	3,700,000
Real Estate Investment | Properties with existing leases | In-Place Leases
Investments in real estate properties
Value of properties acquired during the period	$ 1,860,000	$ 2,720,000
Number of properties | property	127	575

Investments in Real Estate - Es

Investments in Real Estate - Estimated Impact of Amortization of Lease Intangibles (Details) $ in Thousands	Dec. 31, 2020USD ($)
Net decrease to rental revenue
2021	$ (31,717)
2022	(30,283)
2023	(28,745)
2024	(27,164)
2025	(26,609)
Thereafter	(148,610)
Totals	(293,128)
Increase to amortization expense
2021	138,254
2022	126,762
2023	114,571
2024	105,775
2025	96,398
Thereafter	514,569
Totals	$ 1,096,329

Revolving Credit Facility and_2

Revolving Credit Facility and Commercial Paper Program (Details) £ in Millions	5 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)extension	Dec. 31, 2020USD ($)extensioncurrency	Dec. 31, 2019USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2019GBP (£)
Credit facility
Credit facility origination costs	$ 7,705,000	$ 7,705,000	$ 11,453,000
Maximum aggregate capacity of commercial paper program	1,000,000,000	1,000,000,000
Commercial paper borrowings outstanding	$ 0	0
Commercial paper
Credit facility
Weighted average borrowing rate during the period (as a percent)	0.30%
Unsecured debt | Revolving Credit Facility
Credit facility
Maximum borrowing capacity	$ 3,000,000,000	$ 3,000,000,000		$ 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	$ 1,000,000,000
Current borrowing capacity	3,000,000,000	3,000,000,000
Outstanding balance	0	$ 0	$ 704,300,000		£ 169.2
Weighted average borrowing rate during the period (as a percent)		1.50%	3.10%
Weighted average interest rate at the end of the period (as a percent)			2.20%		2.20%
Unsecured debt | Revolving Credit Facility | Other assets
Credit facility
Credit facility origination costs	$ 7,700,000	$ 7,700,000	$ 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	Dec. 31, 2020	Dec. 31, 2019
Debt
Deferred finance costs balance			$ 642,000	$ 956,000
$250 million senior unsecured term loan due Mar 2024
Debt
Face amount of loan	$ 250,000,000		$ 250,000,000	250,000,000
Effective yield (as a percent)			3.89%
Deferred financing costs incurred	$ 1,100,000
$250 million senior unsecured term loan due Mar 2024 | LIBOR
Debt
Basis spread on variable rate (as a percent)	0.85%
$250 million senior unsecured term loan due Jun 2020
Debt
Face amount of loan		$ 250,000,000		$ 250,000,000
Effective yield (as a percent)		2.62%
Deferred financing costs incurred		$ 1,200,000
$250 million senior unsecured term loan due Jun 2020 | LIBOR
Debt
Basis spread on variable rate (as a percent)		0.90%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)mortgage	Dec. 31, 2019USD ($)mortgageproperty	Dec. 31, 2018USD ($)
Debt
Principal payments on mortgages payable	$ 108,789	$ 20,723	$ 21,905
Mortgage loans assumed		130,800
Mortgages payable
Debt
Principal payments on mortgages payable	$ 108,800	$ 20,700
Number of mortgages assumed | mortgage	0	2
Mortgage loans assumed		$ 130,800
Number of properties related to mortgages assumed | property		33
Unamortized net premiums	$ 1,700
Deferred financing costs	973	$ 1,300
Mortgages payable | Mortgages repaid in full
Debt
Principal payments on mortgages payable	$ 103,400	$ 15,800
Number of mortgages repaid in full | mortgage	9	1

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - Mortgages payable $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020USD ($)propertymortgage	Dec. 31, 2019USD ($)mortgageproperty
Debt
Number of Properties | property		68	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	3 years 1 month 6 days	2 years 10 months 24 days
Remaining Principal Balance		$ 299,631	$ 408,419
Unamortized Premium and Deferred Finance Costs Balance, net		729	1,700
Net payable amount		$ 300,360	$ 410,119
Number of mortgages | mortgage		18	27
Minimum
Debt
Weighted Average Effective Interest Rate (as a percent)		4.00%	3.80%
Stated interest rate (as a percent)		3.80%	3.80%
Maximum
Debt
Weighted Average Effective Interest Rate (as a percent)		5.50%	7.60%
Stated interest rate (as a percent)		6.90%	6.90%
Variable rate mortgages
Debt
Remaining Principal Balance			$ 7,100

Mortgages Payable - Maturities

Mortgages Payable - Maturities (Details) - Mortgages payable - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Maturity of mortgages payable, excluding net premiums
2021	$ 44,200
2022	111,800
2023	20,600
2024	112,200
2025	700
Thereafter	10,100
Totals	$ 299,631	$ 408,419

Notes Payable - General (Detail

Notes Payable - General (Details) - Notes and bonds payable	1 Months Ended
	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Oct. 31, 2020GBP (£)	Jul. 31, 2020USD ($)	May 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	May 31, 2019GBP (£)	Apr. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2014USD ($)	Oct. 31, 2012USD ($)	Jun. 30, 2011USD ($)	Mar. 31, 2005USD ($)
Debt
Total principal amount			$ 8,303,000,000					$ 6,318,000,000
Unamortized net original issuance premiums and deferred financing costs			(35,000,000)					(30,000,000)
Net payable amount			8,268,000,000					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%
Early repayment of notes payable		$ 250,000,000
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, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022 | Subsequent event
Debt
Interest rate (as a percent)	3.25%
Early repayment of notes payable	$ 950,000,000
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%							3.875%
Face amount of notes											$ 500,000,000
0.750% notes, issued in December 2020 and due in March 2026
Debt
Total principal amount			$ 325,000,000					0
Interest rate (as a percent)			0.75%	0.75%
Face amount of notes			$ 325,000,000
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
Debt
Total principal amount			$ 650,000,000					650,000,000
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
1.625% notes, issued in October 2020 and due December 2030
Debt
Total principal amount			$ 547,000,000	£ 400,000,000				0
Interest rate (as a percent)			1.625%	1.625%	1.625%
Face amount of notes | £					£ 400,000,000
3.250% notes, $600 issued in May 2020 and $350 issued in July 2020, both due in January 2031
Debt
Total principal amount			$ 950,000,000					0
Interest rate (as a percent)			3.25%	3.25%
3.250% notes, issued in May 2020 and due in January 2031
Debt
Interest rate (as a percent)							3.25%
Face amount of notes							$ 600,000,000
3.250% notes, issued in July 2020 and due in January 2031
Debt
Interest rate (as a percent)						3.25%
Face amount of notes						$ 350,000,000
1.800% notes, issued in December 2020 and due in March 2033
Debt
Total principal amount			$ 400,000,000					0
Interest rate (as a percent)			1.80%	1.80%
Face amount of notes			$ 400,000,000
2.730% notes, issued in May 2019 and due in May 2034
Debt
Total principal amount			$ 431,000,000	£ 315,000,000				418,000,000
Interest rate (as a percent)			2.73%	2.73%						2.73%
Face amount of notes | £										£ 315,000,000
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
Debt
Total principal amount			$ 250,000,000					250,000,000
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	1 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Maturity of notes and bonds payable
2022		$ 950
2023		750
2024		350
2025		500
Thereafter		5,753
Totals		8,303	$ 6,318
3.250% notes due in October 2022
Maturity of notes and bonds payable
Totals		$ 950	$ 950
3.250% notes due in October 2022 | Subsequent event
Maturity of notes and bonds payable
Early repayment of notes payable	$ 950

Notes Payable - General Narrati

Notes Payable - General Narrative (Details) - Notes payable $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 31, 2020GBP (£)
Debt
Unamortized net original issuance premiums	$ 14.6	$ 6.3
Deferred financing costs	$ 49.2	35.9
Weighted average interest rate (as a percent)	3.40%
Weighted average remaining years until maturity	8 years 2 months 12 days
Interest incurred on notes and bonds	$ 252	$ 233.5	$ 213.8
1.625% notes, issued in October 2020 and due December 2030
Debt
Face amount of loan | £				£ 400,000,000
Interest rate (as a percent)	1.625%			1.625%
Maximum
Debt
Debt to total adjusted assets ratio (as a percent)	60.00%
Secured debt to total adjusted assets ratio (as a percent)	40.00%
Minimum
Debt
Debt service coverage ratio	1.5
Total unencumbered assets as a percentage of outstanding unsecured debt	150.00%

Notes Payable - Note Repayments

Notes Payable - Note Repayments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt
Loss on extinguishment of debt				$ (9,819)	$ 0	$ 0
Notes payable | 5.750% notes, issued in June 2010 and due in January 2021
Debt
Early repayment of notes payable		$ 250,000
Interest rate (as a percent)		5.75%			5.75%
Loss on extinguishment of debt			$ (9,800)
Notes payable | 3.250% notes due in October 2022
Debt
Interest rate (as a percent)				3.25%
Notes payable | 3.250% notes due in October 2022 | Subsequent event
Debt
Early repayment of notes payable	$ 950,000
Interest rate (as a percent)	3.25%

Notes Payable - Note Issuances

Notes Payable - Note Issuances (Details) - Notes payable	Dec. 31, 2020USD ($)	Oct. 31, 2020GBP (£)	Jul. 31, 2020USD ($)	May 31, 2020USD ($)	Jun. 30, 2019USD ($)	May 31, 2019GBP (£)	Apr. 30, 2018USD ($)
3.250% notes, issued in May 2020 and due in January 2031
Debt
Stated interest rate (as a percent)				3.25%
Face amount of notes				$ 600,000,000
Price of par value (as a percent)				98.99%
Effective yield (as a percent)				3.36%
3.250% notes, issued in July 2020 and due in January 2031
Debt
Stated interest rate (as a percent)			3.25%
Face amount of notes			$ 350,000,000
Price of par value (as a percent)			108.24%
Effective yield (as a percent)			2.34%
1.625% notes, issued in October 2020 and due December 2030
Debt
Stated interest rate (as a percent)	1.625%	1.625%
Face amount of notes | £		£ 400,000,000
Price of par value (as a percent)		99.19%
Effective yield (as a percent)		1.71%
0.750% notes, issued in December 2020 and due in March 2026
Debt
Stated interest rate (as a percent)	0.75%
Face amount of notes	$ 325,000,000
Price of par value (as a percent)	99.19%
Effective yield (as a percent)	0.91%
1.800% notes, issued in December 2020 and due in March 2033
Debt
Stated interest rate (as a percent)	1.80%
Face amount of notes	$ 400,000,000
Price of par value (as a percent)	98.47%
Effective yield (as a percent)	1.94%
2.730% notes, issued in May 2019 and due in May 2034
Debt
Stated interest rate (as a percent)	2.73%					2.73%
Face amount of notes | £						£ 315,000,000
Price of par value (as a percent)						100.00%
Effective yield (as a percent)						2.73%
3.250% notes, issued in June 2019 and due in June 2029
Debt
Stated interest rate (as a percent)	3.25%				3.25%
Face amount of notes					$ 500,000,000
Price of par value (as a percent)					99.36%
Effective yield (as a percent)					3.33%
3.875% notes, issued in April 2018 and due in April 2025
Debt
Stated interest rate (as a percent)	3.875%						3.875%
Face amount of notes							$ 500,000,000
Price of par value (as a percent)							99.50%
Effective yield (as a percent)							3.96%

Notes Payable - Note Issuance_2

Notes Payable - Note Issuances Narrative (Details)	1 Months Ended
	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 31, 2020USD ($)	Jul. 31, 2020USD ($)	May 31, 2020USD ($)	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Apr. 30, 2018USD ($)	Oct. 31, 2020GBP (£)	May 31, 2019GBP (£)
Notes payable | 1.800% notes, issued in December 2020 and due in March 2033
Debt
Proceeds from issuance of debt		$ 391,300,000
Stated interest rate (as a percent)		1.80%
Face amount of loan		$ 400,000,000
Notes payable | 0.750% notes, issued in December 2020 and due in March 2026
Debt
Proceeds from issuance of debt		$ 320,300,000
Stated interest rate (as a percent)		0.75%
Face amount of loan		$ 325,000,000
Notes payable | 3.250% notes due in October 2022
Debt
Stated interest rate (as a percent)		3.25%
Notes payable | 3.250% notes due in October 2022 | Subsequent event
Debt
Early repayment of notes payable	$ 950,000,000
Stated interest rate (as a percent)	3.25%
Notes payable | 1.625% notes, issued in October 2020 and due December 2030
Debt
Proceeds from issuance of debt			$ 508,200,000
Stated interest rate (as a percent)		1.625%	1.625%						1.625%
Face amount of loan | £									£ 400,000,000
Notes payable | 3.250% notes, issued in July 2020 and due in January 2031
Debt
Proceeds from issuance of debt				$ 376,600,000
Stated interest rate (as a percent)				3.25%
Face amount of loan				$ 350,000,000
Notes payable | 3.250% notes, issued in May 2020 and due in January 2031
Debt
Proceeds from issuance of debt					$ 590,000,000
Stated interest rate (as a percent)					3.25%
Face amount of loan					$ 600,000,000
Notes payable | 2.730% notes, issued in May 2019 and due in May 2034
Debt
Proceeds from issuance of debt							$ 400,900,000
Stated interest rate (as a percent)		2.73%								2.73%
Face amount of loan | £										£ 315,000,000
Notes payable | 3.250% notes, issued in June 2019 and due in June 2029
Debt
Proceeds from issuance of debt						$ 493,500,000
Stated interest rate (as a percent)		3.25%				3.25%
Face amount of loan						$ 500,000,000
Notes payable | 3.875% notes, issued in April 2018 and due in April 2025
Debt
Proceeds from issuance of debt								$ 494,400,000
Stated interest rate (as a percent)		3.875%						3.875%
Face amount of loan								$ 500,000,000
Unsecured debt | Credit Facility
Debt
Maximum borrowing capacity		$ 3,000,000,000	$ 3,000,000,000

Issuances of Common Stock - Iss

Issuances of Common Stock - Issuance of Common Stock in an Overnight Offering (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2021	Mar. 31, 2020	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Issuance of Common Stock
Proceeds from shares issuances, net				$ 728,883	$ 845,061	$ 0
Common stock | Underwritten Public Offering
Issuance of Common Stock
Shares of common stock issued (in shares)		9,690,500	12,650,000			0
Proceeds from shares issuances, net		$ 728,900	$ 845,400
Common stock | Underwritten Public Offering | Subsequent event
Issuance of Common Stock
Shares of common stock issued (in shares)	12,075,000
Proceeds from shares issuances, net	$ 669,600
Common stock | Underwriter Option
Issuance of Common Stock
Shares of common stock issued (in shares)		690,500
Common stock | Underwriter Option | Subsequent event
Issuance of Common Stock
Shares of common stock issued (in shares)	1,575,000

Issuances of Common Stock - At-

Issuances of Common Stock - At-the-Market (ATM) Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
At-the-Market (ATM) Programs
Gross proceeds	$ 1,094,938	$ 1,264,518	$ 1,125,364
ATM Program
At-the-Market (ATM) Programs
At-the-Market equity distribution program, authorized shares (in shares)	33,402,405
Shares remaining for future issuance (in shares)	15,678,031
Common stock | ATM Program
At-the-Market (ATM) Programs
Shares of common stock issued (in shares)	17,724,374	17,051,456	19,138,610
Gross proceeds	$ 1,094,900	$ 1,274,500	$ 1,125,400

Issuances of Common Stock - Div

Issuances of Common Stock - Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividend Reinvestment and Stock Purchase Plan
Gross proceeds	$ 9,109	$ 8,437	$ 9,114
DRSPP
Dividend Reinvestment and Stock Purchase Plan
Dividend Reinvestment and Stock Purchase Plan, authorized shares (in shares)	26,000,000
Shares remaining for future issuance (in shares)	11,503,379
Common stock | DRSPP
Dividend Reinvestment and Stock Purchase Plan
Shares of common stock issued (in shares)	149,289	117,522	116,268
Gross proceeds	$ 9,100	$ 8,400	$ 9,100

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2019property	Jan. 31, 2019USD ($)shares	Dec. 31, 2018entity	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016mortgageentity
Noncontrolling interests
Redemption of partnership units				$ 0	$ 21,123	$ 2,752
Conversion ratio				1
Number of properties acquired by acquiring a controlling interest	9						2
Number of joint ventures controlling interest acquired | entity							2
Number of entities in which all outstanding minority interests were acquired | entity			1
Term loans | $70 million senior unsecured term loan
Noncontrolling interests
Repayments of long-term debt		$ 70,000
Tau Operating Partnership units
Noncontrolling interests
Number of partnership units redeemed (in units) | shares		317,022
Redemption of partnership units		$ 20,200
Excess of redemption of units over carrying value as reduction to common stock and paid in capital		$ 6,900
Third-party partnership ownership interest (as a percent)		0.11%
Ownership interest (as a percent)		100.00%
Realty Income, L.P. units
Noncontrolling interests
Third-party partnership ownership interest (as a percent)				1.90%
Ownership interest (as a percent)				98.10%
Joint venture related to 2020 development property
Noncontrolling interests
Ownership interest (as a percent)	75.80%				75.80%
Joint venture related to 2019 property acquisitions
Noncontrolling interests
Ownership interest (as a percent)	89.90%				89.90%

Noncontrolling Interests - Chan

Noncontrolling Interests - Change in Carrying Value (Details) - USD ($) $ in Thousands	Mar. 28, 2019	Apr. 30, 2018	Mar. 30, 2018	Jan. 22, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period					$ 29,702
Reallocation of equity					0	$ 0	$ 0
Redemptions						(21,123)	(2,752)
Additions to noncontrolling interest					3,168	11,370	18,848
Allocation of net income					1,020	996	984
Carrying value at end of the period					$ 32,247	$ 29,702
Tau Operating Partnership units
Change in the carrying value of all noncontrolling interests
Number of partnership units issued (in units)				317,022
Number of partnership units outstanding (in units)					0	0
Realty Income, L.P. units
Change in the carrying value of all noncontrolling interests
Additions to noncontrolling interest						$ 6,300	$ 18,800
Number of partnership units issued (in units)	89,322	131,790	242,007			89,322	373,797
Number of partnership units outstanding (in units)					463,119	463,119
Noncontrolling interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period					$ 29,702	$ 32,236
Reallocation of equity					(47)	653	$ 774
Redemptions						(14,257)	(5,581)
Additions to noncontrolling interest					3,168	11,370	18,848
Distributions					(1,596)	(1,296)
Allocation of net income					1,020	996
Carrying value at end of the period					32,247	29,702	32,236
Noncontrolling interests | Tau Operating Partnership units
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period					0	13,356
Reallocation of equity					0	0
Redemptions						(13,356)
Additions to noncontrolling interest					0	0
Distributions					0	0
Allocation of net income					0	0
Carrying value at end of the period					0	0	13,356
Noncontrolling interests | Realty Income, L.P. units
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period					24,596	17,912
Reallocation of equity					(47)	653
Redemptions						0
Additions to noncontrolling interest					0	6,286
Distributions					(1,297)	(1,219)
Allocation of net income					848	964
Carrying value at end of the period					24,100	24,596	17,912
Noncontrolling interests | Other Noncontrolling Interests
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period					5,106	968
Reallocation of equity					0	0
Redemptions						(901)
Additions to noncontrolling interest					3,168	5,084
Distributions					(299)	(77)
Allocation of net income					172	32
Carrying value at end of the period					$ 8,147	$ 5,106	$ 968

Noncontrolling Interests - Vari

Noncontrolling Interests - Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable interest entity
Net real estate	$ 17,466,152	$ 16,399,997
Total assets	20,740,285	18,554,796
Total liabilities	9,722,555	8,750,638
Primary beneficiary
Variable interest entity
Net real estate	635,963	654,305
Total assets	723,668	744,394
Total liabilities	$ 47,962	$ 52,087

Distributions Paid and Payabl_2

Distributions Paid and Payable - Distributions to Common Stockholders (Details) - $ / shares	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends [Abstract]
Distributions paid per common share (in dollars per share)	$ 0.2340	$ 0.2340	$ 0.2340	$ 0.2335	$ 0.2335	$ 0.2335	$ 0.2330	$ 0.2330	$ 0.2330	$ 0.2325	$ 0.2325	$ 0.2275	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.7020	$ 0.7005	$ 0.6990	$ 0.6925	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 2.7940	$ 2.7105	$ 2.6305
Distributions payable (in dollars per share)	$ 0.2345												$ 0.2275																								$ 0.2345				$ 0.2275				$ 0.2345	$ 0.2275

Distributions Paid and Payabl_3

Distributions Paid and Payable - Tax Characterization of Distributions Paid (Details) - $ / shares	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends [Abstract]
Distributions characterized as ordinary income (in dollars per share)																																													$ 2.2798764	$ 2.1206964	$ 2.0269173
Distributions characterized as nontaxable distributions (in dollars per share)																																													0.4902835	0.5898036	0.6035827
Distributions characterized as capital gain distributions (in dollars per share)																																													0.0238401	0	0
Totals (in dollars per share)	$ 0.2340	$ 0.2340	$ 0.2340	$ 0.2335	$ 0.2335	$ 0.2335	$ 0.2330	$ 0.2330	$ 0.2330	$ 0.2325	$ 0.2325	$ 0.2275	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.7020	$ 0.7005	$ 0.6990	$ 0.6925	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 2.7940	$ 2.7105	$ 2.6305

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)propertystate	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Lessor, Lease, Description [Line Items]
Number of properties owned	6,592
Number of U.S. states where properties are owned (states) | state	49
Percentage rent received | $	$ 5.1	$ 8	$ 5.9
Single-client properties
Lessor, Lease, Description [Line Items]
Number of properties owned	6,555
Single-client properties as percentage of total properties (as a percent)	99.40%
Properties available for lease or sale
Lessor, Lease, Description [Line Items]
Number of properties owned	140

Operating Leases - Minimum Futu

Operating Leases - Minimum Future Annual Rents to be Received (Details) $ in Thousands	Dec. 31, 2020USD ($)
Minimum Future Annual Rents to be Received
2021	$ 1,684,817
2022	1,629,281
2023	1,543,909
2024	1,428,212
2025	1,343,730
Thereafter	8,371,347
Total	$ 16,001,296

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Properties Sold During the Period
Number of properties | property	126	93	128
Net sales proceeds	$ 262,500	$ 108,900	$ 142,300
Gain on sales of real estate	$ 76,232	$ 29,996	$ 24,643

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	$ 299,600	$ 408,400
Notes and bonds payable	8,302,400	6,317,600
Estimated fair value
Fair value of financial assets and liabilities
Mortgages payable assumed in connection with acquisitions	309,400	417,700
Notes and bonds payable	9,324,000	6,826,100
Mortgages payable
Fair value of financial assets and liabilities
Unamortized net original issuance premiums	1,700	3,000
Deferred financing costs	973	1,300
Notes and bonds payable
Fair value of financial assets and liabilities
Unamortized net original issuance premiums	14,600	6,300
Deferred financing costs	$ 49,200	$ 35,900

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Derivative Financial Instruments (Details) £ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)derivativeRate	Dec. 31, 2020USD ($)derivativeRate	Jun. 30, 2020USD ($)derivative	Feb. 29, 2020USD ($)derivative	Dec. 31, 2019USD ($)
Derivative [Line Items]
Notional Amount				$ 1,541.4			$ 673.4
Fair Value - asset (liability)				(81.5)			(26.3)
Interest rate swap, maturity Sep 2021 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 0			7
Strike (percent)			6.03%	6.03%
Fair Value - asset (liability)				$ 0			(0.2)
Net loss from derivative	$ 0.2
Payment to terminate derivative	$ 0.2
Interest rate swap, maturity Jun 2020 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 0			250
Strike (percent)			1.72%	1.72%
Fair Value - asset (liability)				$ 0			(0.1)
Interest rate swap, maturity Mar 2024
Derivative [Line Items]
Number of derivative instruments | derivative			1	1
Interest rate swap, maturity Mar 2024 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 250			250
Strike (percent)			3.04%	3.04%
Fair Value - asset (liability)				$ (22.6)			(14.7)
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				41.6			41.6
Fair Value - asset (liability)				$ (5.2)			(2.6)
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | Cash flow hedge | GBP | Minimum
Derivative [Line Items]
Strike (percent)			4.82%	4.82%
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | Cash flow hedge | GBP | Maximum
Derivative [Line Items]
Strike (percent)			10.96%	10.96%
Cross-currency swap, maturity May 2034 1 | Designated as hedging instrument | Cash flow hedge | USD
Derivative [Line Items]
Strike (percent)			9.80%	9.80%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 41.6			41.6
Fair Value - asset (liability)				$ (5.1)			(2.6)
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | Cash flow hedge | GBP | Minimum
Derivative [Line Items]
Strike (percent)			4.82%	4.82%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | Cash flow hedge | GBP | Maximum
Derivative [Line Items]
Strike (percent)			10.96%	10.96%
Cross-currency swap, maturity May 2034 2 | Designated as hedging instrument | Cash flow hedge | USD
Derivative [Line Items]
Strike (percent)			9.803%	9.803%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 41.6			41.6
Fair Value - asset (liability)				$ (5.4)			(2.9)
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | Cash flow hedge | GBP | Minimum
Derivative [Line Items]
Strike (percent)			4.82%	4.82%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | Cash flow hedge | GBP | Maximum
Derivative [Line Items]
Strike (percent)			10.96%	10.96%
Cross-currency swap, maturity May 2034 3 | Designated as hedging instrument | Cash flow hedge | USD
Derivative [Line Items]
Strike (percent)			9.745%	9.745%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 41.6			41.6
Fair Value - asset (liability)				$ (5.7)			(3.2)
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | Cash flow hedge | GBP | Minimum
Derivative [Line Items]
Strike (percent)			4.82%	4.82%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | Cash flow hedge | GBP | Maximum
Derivative [Line Items]
Strike (percent)			10.96%	10.96%
Cross-currency swap, maturity May 2034 4 | Designated as hedging instrument | Cash flow hedge | USD
Derivative [Line Items]
Strike (percent)			9.755%	9.755%
Currency exchange swap | Not designated as hedging instrument
Derivative [Line Items]
Notional Amount			£ 463.1	$ 625			0
Strike (rate) | Rate			135.00%	135.00%
Fair Value - asset (liability)				$ (8.2)			0
Net loss from derivative		$ 14.5
Forward-starting swap, maturity Jun 2033 1 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 75			0
Strike (percent)			2.02%	2.02%
Fair Value - asset (liability)				$ (5)			0
Forward-starting swap, maturity Nov 2032 1 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 75			0
Strike (percent)			1.94%	1.94%
Fair Value - asset (liability)				$ (5.2)			0
Forward-starting swap, maturity Nov 2032 2 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 25			0
Strike (percent)			1.67%	1.67%
Fair Value - asset (liability)				$ (1.1)			0
Forward-starting swap, maturity Jun 2033 2 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 125			0
Strike (percent)			1.75%	1.75%
Fair Value - asset (liability)				$ (5.2)			0
Forward-starting swap, hybrid debt, maturity Nov 2032 3 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 125			0
Strike (percent)			1.88%	1.88%
Fair Value - asset (liability)				$ (7.9)			0
Forward-starting swap, hybrid debt, maturity Jun 2033 3 | Designated as hedging instrument | Cash flow hedge
Derivative [Line Items]
Notional Amount				$ 75			0
Strike (percent)			2.00%	2.00%
Fair Value - asset (liability)				$ (4.9)			$ 0
Treasury rate locks | Cash flow hedge
Derivative [Line Items]
Notional Amount						$ 500
Number of derivative instruments | derivative						5
Forward starting swaps | Cash flow hedge
Derivative [Line Items]
Notional Amount					$ 500
Number of derivative instruments | derivative			6	6	6

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest rate swaps | Interest expense
Derivative [Line Items]
Unrealized gains (losses) reclassified to income statement	$ 11.4	$ 3.4
Interest rate swap unrealized loss expected to be reclassified within next twelve months	10.3
Cross-currency swaps | Foreign currency and gains
Derivative [Line Items]
Unrealized gains (losses) reclassified to income statement	3.6	$ 5.5
Cross-currency swap unrealized gains expected to be reclassified within next twelve months	$ 1

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	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Supplemental Disclosures of Cash Flow Information
Cash paid for interest				$ 285,600	$ 275,300	$ 251,500
Cash paid for income taxes				13,100	4,200	4,700
Non-cash activities
Non-refundable deposits applied to acquisitions				13,800		7,500
Lease liabilities				114,559	122,285
Right-of-use assets				112,049	120,533
Additions to noncontrolling interest				3,168	11,370	18,848
Mortgage loans assumed					130,800
Noncontrolling interests
Non-cash activities
Additions to noncontrolling interest				3,168	$ 11,370	$ 18,848
Realty Income, L.P. units
Non-cash activities
Number of partnership units issued (in units)	89,322	131,790	242,007		89,322	373,797
Additions to noncontrolling interest					$ 6,300	$ 18,800
Realty Income, L.P. units | Noncontrolling interests
Non-cash activities
Additions to noncontrolling interest				0	6,286
Other Noncontrolling Interests | Noncontrolling interests
Non-cash activities
Additions to noncontrolling interest				3,168	$ 5,084
ASU 2016-02
Non-cash activities
Lease liabilities							$ 132,000
Right-of-use assets							$ 132,000
Derivative
Non-cash activities
Decrease in fair value of derivatives				$ 55,200

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents shown in the consolidated balance sheets	$ 824,476	$ 54,011
Restricted escrow deposits	21,220	4,529
Impounds related to mortgages payable	4,983	12,465
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 850,679	$ 71,005	$ 21,071	$ 12,142

Common Stock Incentive Plan - S

Common Stock Incentive Plan - Summary (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2020	Oct. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Incentive Plan
Severance charge	$ 3,500	$ 28,300
Incremental severance charge		18,700
Compensation accrual prior to separation		9,600
Share-based compensation costs related to accelerated equity awards					$ 11,800
Cash
Common Stock Incentive Plan
Severance charge	1,600	9,800
Share-based compensation
Common Stock Incentive Plan
Severance charge	1,800	17,900
Professional fees
Common Stock Incentive Plan
Severance charge	$ 58	$ 574
General and administrative expense
Common Stock Incentive Plan
Share-based compensation costs recognized			$ 16,500	$ 13,700	$ 27,300
2012 Plan
Common Stock Incentive Plan
Plan term from the date of adoption			10 years
2012 Plan | Maximum
Common Stock Incentive Plan
Authorized shares			3,985,734

Common Stock Incentive Plan - R

Common Stock Incentive Plan - Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Incentive Plan
Remaining unamortized share-based compensation expense		$ 8.6
Number of shares
Outstanding nonvested shares, beginning of year		259,698	307,821	475,768
Shares granted		103,473	87,327	183,952
Shares vested		(141,486)	(126,363)	(310,706)
Shares forfeited		(2,203)	(9,087)	(41,193)
Outstanding nonvested shares, end of each period		219,482	259,698	307,821
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)		$ 58.39	$ 53.44	$ 52.32
Shares granted (in dollars per share)		67.84	69.83	52.21
Shares vested (in dollars per share)		56.94	54.45	51.05
Shares forfeited (in dollars per share)		66.48	55.71	53.06
Outstanding nonvested shares, end of each period (in dollars per share)		$ 63.69	$ 58.39	$ 53.44
Directors
Number of shares
Shares granted	36,000
Employees
Common Stock Incentive Plan
Vesting period (in years)		4 years
Number of shares
Shares granted		67,473
Three-year vesting period | Directors
Common Stock Incentive Plan
Vesting rights percentage		33.33%
Vesting period (in years)	3 years	3 years
Number of shares
Shares granted	12,000
Three-year vesting period | Directors | Maximum
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)		6 years
Two-year vesting period | Directors
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)		6 years
Vesting rights percentage		50.00%
Vesting period (in years)		2 years
One-year vesting period | Directors
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)		7 years
Vesting rights percentage		100.00%
Vesting period (in years)		1 year
One-year vesting period | CFO
Number of shares
Shares granted		4,541
Immediate vesting | Directors
Number of shares
Shares granted	24,000
Immediate vesting | Directors | Minimum
Common Stock Incentive Plan
Service period as basis for restricted stock award vesting (in years)		8 years

Common Stock Incentive Plan - P

Common Stock Incentive Plan - Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Incentive Plan
Vesting rights percentage	50.00%
Performance period (in years)	3 years
Remaining unamortized share-based compensation expense	$ 8.9
Performance shares vesting based on achievement of performance goals
Total shareholder return (TSR) ranking relative to MSCI US REIT Index (as a percent)	70.00%	45.00%	45.00%
TSR ranking relative to JP Morgan Net Lease Peer Group (as a percent)		26.00%	26.00%
Dividend per share Growth Rate (as a percent)	15.00%	16.00%	16.00%
Debt-to-Adjusted EBITDAre Ratio (as a percent)		13.00%	13.00%
Net Debt-to-Adjusted EBITDAre Ratio (as a percent)	15.00%
Number of shares
Outstanding nonvested shares, beginning of year	304,663	223,392	245,309
Shares granted	136,729	128,581	269,868
Shares vested	(139,012)	(47,310)	(291,785)
Shares forfeited	(10,621)	0	0
Outstanding nonvested shares, end of each period	291,759	304,663	223,392
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)	$ 62.25	$ 58.78	$ 62.49
Shares granted (in dollars per share)	79.98	65.34	51.98
Shares vested (in dollars per share)	63.66	54.27	54.88
Shares forfeited (in dollars per share)	66.64	0	0
Outstanding nonvested shares, end of each period (in dollars per share)	$ 69.73	$ 62.25	$ 58.78

Common Stock Incentive Plan -_2

Common Stock Incentive Plan - Restricted Stock Units (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock Incentive Plan
Vesting period (in years)	4 years	4 years	4 years
Remaining unamortized share-based compensation expense	$ 399
Number of shares
Outstanding nonvested shares, beginning of year	15,511	14,968	24,869
Shares granted	9,966	5,482	8,383
Shares vested	(6,807)	(4,939)	(10,118)
Shares forfeited	0	0	(8,166)
Outstanding nonvested shares, end of each period	18,670	15,511	14,968
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)	$ 59.82	$ 54.62	$ 55.97
Shares granted (in dollars per share)	78.79	69.58	49.96
Shares vested (in dollars per share)	58.63	54.90	55.01
Shares forfeited (in dollars per share)	0	0	53.45
Outstanding nonvested shares, end of each period (in dollars per share)	$ 70.38	$ 59.82	$ 54.62

Segment Information - Assets (D

Segment Information - Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Reconciliation of assets from segment to consolidated
Number of activity segments | segment	51
Net real estate	$ 17,485,156	$ 16,496,772
Lease intangible assets, net	1,710,655	1,493,383
Other corporate assets	1,544,474	564,641
Total assets	20,740,285	18,554,796
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	328,340	288,453
Lease intangible assets, net	55,018	58,854
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	347,366	279,373
Lease intangible assets, net	9,401	1,509
Child care
Reconciliation of assets from segment to consolidated
Net real estate	216,718	208,326
Lease intangible assets, net	19,848	21,997
Convenience Stores
Reconciliation of assets from segment to consolidated
Net real estate	2,101,005	2,057,157
Lease intangible assets, net	121,151	131,808
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,420,210	1,427,950
Lease intangible assets, net	77,176	82,701
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,555,106	1,618,854
Lease intangible assets, net	167,975	183,319
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	374,508	389,634
Lease intangible assets, net	14,611	17,130
General merchandise
Reconciliation of assets from segment to consolidated
Net real estate	730,806	475,418
Lease intangible assets, net	108,646	66,135
Grocery stores - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	907,634	922,349
Lease intangible assets, net	181,764	180,197
Grocery stores - U.K.
Reconciliation of assets from segment to consolidated
Net real estate	1,131,760	663,210
Lease intangible assets, net	282,211	153,407
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	1,050,791	1,019,796
Lease intangible assets, net	67,537	74,428
Home improvement - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	608,222	495,305
Lease intangible assets, net	97,228	72,979
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	515,226	576,526
Lease intangible assets, net	20,553	23,289
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	1,062,918	1,059,155
Lease intangible assets, net	47,517	52,353
Theaters - U.S.
Reconciliation of assets from segment to consolidated
Net real estate	767,117	878,103
Lease intangible assets, net	28,292	36,089
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	729,640	769,614
Lease intangible assets, net	53,902	66,055
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	407,584	396,690
Lease intangible assets, net	36,165	23,372
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	3,230,205	2,970,859
Lease intangible assets, net	$ 321,660	$ 247,761

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment revenue information
Rental (including reimbursable)									$ 1,639,533	$ 1,484,818	$ 1,321,546
Other									12,092	6,773	6,292
Total revenue	$ 418,076	$ 404,572	$ 414,636	$ 414,341	$ 397,529	$ 374,247	$ 365,450	$ 354,365	1,651,625	1,491,591	1,327,838
Automotive service
Segment revenue information
Rental (including reimbursable)									35,090	32,365	28,303
Beverages
Segment revenue information
Rental (including reimbursable)									32,771	31,807	31,488
Child care
Segment revenue information
Rental (including reimbursable)									35,643	31,749	21,865
Convenience Stores
Segment revenue information
Rental (including reimbursable)									189,658	166,755	142,194
Dollar stores
Segment revenue information
Rental (including reimbursable)									126,719	102,695	94,782
Drug stores
Segment revenue information
Rental (including reimbursable)									140,993	127,853	129,565
Financial services
Segment revenue information
Rental (including reimbursable)									30,531	30,189	29,429
General merchandise
Segment revenue information
Rental (including reimbursable)									49,352	35,366	29,249
Grocery stores - U.S.
Segment revenue information
Rental (including reimbursable)									78,106	69,691	63,594
Grocery stores - U.K.
Segment revenue information
Rental (including reimbursable)									51,459	17,819	0
Health and fitness
Segment revenue information
Rental (including reimbursable)									104,744	105,896	94,638
Home improvement - U.S.
Segment revenue information
Rental (including reimbursable)									46,392	42,351	37,939
Restaurants-casual dining
Segment revenue information
Rental (including reimbursable)									46,265	45,238	46,171
Restaurants-quick service
Segment revenue information
Rental (including reimbursable)									88,163	92,018	72,465
Theaters - U.S.
Segment revenue information
Rental (including reimbursable)									78,653	87,698	70,560
Transportation services
Segment revenue information
Rental (including reimbursable)									64,131	66,500	63,565
Wholesale club
Segment revenue information
Rental (including reimbursable)									38,713	38,117	37,571
Other non-reportable segments and contractually obligated reimbursements by our clients
Segment revenue information
Rental (including reimbursable)									$ 402,150	$ 360,711	$ 328,168

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)
Re-leasing costs, recurring capital expenditures, non-recurring building improvements
Other Commitments [Line Items]
Other commitments	$ 6.8
Construction contracts
Other Commitments [Line Items]
Other commitments	$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Minimum Future Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Minimum Future Rental Payments
2021	$ 15,300
2022	15,200
2023	15,300
2024	15,400
2025	14,900
Thereafter	74,700
Total	150,800
Present value adjustment for remaining lease payments	(36,200)
Lease liability - operating leases, net	$ 114,559	$ 122,285
Weighted average discount rate (percent)	4.29%
Weighted average remaining lease term (in years)	11 years 6 months
Minimum
Minimum Future Rental Payments
Discount rate used to present value lease payments (percent)	2.42%
Maximum
Minimum Future Rental Payments
Discount rate used to present value lease payments (percent)	5.50%
Ground Leases Paid by Realty Income
Minimum Future Rental Payments
2021	$ 1,600
2022	1,600
2023	1,600
2024	1,600
2025	1,400
Thereafter	18,800
Total	26,600
Ground Leases Paid by Our Clients
Minimum Future Rental Payments
2021	13,700
2022	13,600
2023	13,700
2024	13,800
2025	13,500
Thereafter	55,900
Total	$ 124,200

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 23, 2021	Jan. 31, 2021	Mar. 31, 2020	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent events
Payment of call premium					$ 9,445	$ 0	$ 0
Payment of accrued and unpaid interest					285,600	275,300	251,500
Proceeds from common stock offerings, net					$ 728,883	$ 845,061	$ 0
Common stock | Underwritten Public Offering
Subsequent events
Proceeds from common stock offerings, net			$ 728,900	$ 845,400
Shares of common stock issued (in shares)			9,690,500	12,650,000			0
Common stock | Underwriter Option
Subsequent events
Shares of common stock issued (in shares)			690,500
3.250% notes due in October 2022 | Notes payable
Subsequent events
Interest rate (as a percent)					3.25%
Subsequent event
Subsequent events
Common stock, dividends declared (in dollars per share)	$ 0.2345	$ 0.2345
Subsequent event | Common stock | Underwritten Public Offering
Subsequent events
Proceeds from common stock offerings, net		$ 669,600
Shares of common stock issued (in shares)		12,075,000
Subsequent event | Common stock | Underwriter Option
Subsequent events
Shares of common stock issued (in shares)		1,575,000
Subsequent event | 3.250% notes due in October 2022 | Notes payable
Subsequent events
Interest rate (as a percent)		3.25%
Debt redemption price		$ 1,004,000
Early repayment of notes payable		950,000
Payment of call premium		47,200
Payment of accrued and unpaid interest		$ 7,100

Consolidated Quarterly Financ_3

Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																																				3 Months Ended								12 Months Ended
	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenue																																					$ 418,076	$ 404,572	$ 414,636	$ 414,341	$ 397,529	$ 374,247	$ 365,450	$ 354,365	$ 1,651,625	$ 1,491,591	$ 1,327,838
Depreciation and amortization expense																																					175,041	169,084	168,328	164,585	156,594	149,424	150,426	137,517	677,038	593,961	539,780
Interest expense																																					78,764	76,806	77,841	75,925	75,073	73,410	72,488	70,020	309,336	290,991	266,020
Other expenses																																					72,099	151,611	62,222	53,811	52,269	52,139	54,143	42,861	339,743	201,412
Net income																																					118,150	23,143	108,070	147,143	129,553	101,275	95,420	111,230	396,506	437,478	364,598
Net income available to common stockholders																																					$ 117,931	$ 22,904	$ 107,824	$ 146,827	$ 129,297	$ 101,049	$ 95,194	$ 110,942	$ 395,486	$ 436,482	$ 363,614
Net income per common share, basic (in dollars per share)																																					$ 0.33	$ 0.07	$ 0.31	$ 0.44					$ 1.15	$ 1.38	$ 1.26
Net income per common share, diluted (in dollars per share)																																					0.33	0.07	0.31	0.44					1.14	1.38	1.26
Net income per common share, basic and diluted (in dollars per share)																																									$ 0.39	$ 0.32	$ 0.31	$ 0.37		1.38
Dividends paid per common share (in dollars per share)	$ 0.2340	$ 0.2340	$ 0.2340	$ 0.2335	$ 0.2335	$ 0.2335	$ 0.2330	$ 0.2330	$ 0.2330	$ 0.2325	$ 0.2325	$ 0.2275	$ 0.2270	$ 0.2270	$ 0.2270	$ 0.2265	$ 0.2265	$ 0.2265	$ 0.2260	$ 0.2260	$ 0.2260	$ 0.2255	$ 0.2255	$ 0.2210	$ 0.2205	$ 0.2205	$ 0.2205	$ 0.2200	$ 0.2200	$ 0.2200	$ 0.2195	$ 0.2195	$ 0.2195	$ 0.2190	$ 0.2190	$ 0.2125	$ 0.7020	$ 0.7005	$ 0.6990	$ 0.6925	$ 0.6810	$ 0.6795	$ 0.6780	$ 0.6720	$ 2.7940	$ 2.7105	$ 2.6305

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - Balances (Details)	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule III
Number of Properties | property	6,593
Encumbrances	$ 299,631,054
Initial Cost to Company
Land	6,331,886,427
Buildings, Improvements and Acquisition Fees	14,647,754,645
Cost Capitalized Subsequent to Acquisition
Improvements	59,170,409
Carrying Costs	9,522,579
Gross Amounts at Which Carried at Close of Period
Land	6,331,886,427
Buildings, Improvements and Acquisition Fees	14,716,447,633
Total	21,048,334,060	$ 19,637,626,852	$ 16,566,601,986	$ 15,027,043,415
Accumulated Depreciation	$ 3,563,177,697	$ 3,140,854,604	$ 2,723,085,290	$ 2,350,544,126
U.S. | Aerospace
SEC Schedule III
Number of Properties | property	5
Encumbrances	$ 12,811,485
Initial Cost to Company
Land	6,890,774
Buildings, Improvements and Acquisition Fees	110,783,380
Cost Capitalized Subsequent to Acquisition
Improvements	222,669
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	6,890,774
Buildings, Improvements and Acquisition Fees	111,006,049
Total	117,896,823
Accumulated Depreciation	$ 32,439,224
U.S. | Aerospace | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Aerospace | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Apparel stores
SEC Schedule III
Number of Properties | property	37
Encumbrances	$ 13,925,000
Initial Cost to Company
Land	73,267,619
Buildings, Improvements and Acquisition Fees	183,914,767
Cost Capitalized Subsequent to Acquisition
Improvements	3,472,987
Carrying Costs	199,362
Gross Amounts at Which Carried at Close of Period
Land	73,267,619
Buildings, Improvements and Acquisition Fees	187,587,116
Total	260,854,735
Accumulated Depreciation	$ 48,433,166
U.S. | Apparel stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	4 years
U.S. | Apparel stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive collision services
SEC Schedule III
Number of Properties | property	83
Encumbrances	$ 0
Initial Cost to Company
Land	59,995,209
Buildings, Improvements and Acquisition Fees	140,125,701
Cost Capitalized Subsequent to Acquisition
Improvements	1,800,680
Carrying Costs	10,000
Gross Amounts at Which Carried at Close of Period
Land	59,995,209
Buildings, Improvements and Acquisition Fees	141,936,381
Total	201,931,590
Accumulated Depreciation	$ 33,434,601
U.S. | Automotive collision services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	19 years
U.S. | Automotive collision services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive parts
SEC Schedule III
Number of Properties | property	251
Encumbrances	$ 0
Initial Cost to Company
Land	98,784,470
Buildings, Improvements and Acquisition Fees	252,803,413
Cost Capitalized Subsequent to Acquisition
Improvements	4,702,685
Carrying Costs	826,885
Gross Amounts at Which Carried at Close of Period
Land	98,784,470
Buildings, Improvements and Acquisition Fees	258,332,983
Total	357,117,453
Accumulated Depreciation	$ 73,960,839
U.S. | Automotive parts | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	15 years
U.S. | Automotive parts | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive service
SEC Schedule III
Number of Properties | property	319
Encumbrances	$ 0
Initial Cost to Company
Land	156,569,614
Buildings, Improvements and Acquisition Fees	244,468,843
Cost Capitalized Subsequent to Acquisition
Improvements	513,914
Carrying Costs	147,524
Gross Amounts at Which Carried at Close of Period
Land	156,569,614
Buildings, Improvements and Acquisition Fees	245,130,281
Total	401,699,895
Accumulated Depreciation	$ 73,360,221
U.S. | Automotive service | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	14 years
U.S. | Automotive service | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Automotive tire services
SEC Schedule III
Number of Properties | property	202
Encumbrances	$ 0
Initial Cost to Company
Land	126,835,381
Buildings, Improvements and Acquisition Fees	234,004,107
Cost Capitalized Subsequent to Acquisition
Improvements	727,127
Carrying Costs	97,335
Gross Amounts at Which Carried at Close of Period
Land	126,835,381
Buildings, Improvements and Acquisition Fees	234,828,569
Total	361,663,950
Accumulated Depreciation	$ 123,637,853
U.S. | Automotive tire services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	10 years
U.S. | Automotive tire services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Beverages
SEC Schedule III
Number of Properties | property	20
Encumbrances	$ 0
Initial Cost to Company
Land	217,138,252
Buildings, Improvements and Acquisition Fees	174,982,150
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	147
Gross Amounts at Which Carried at Close of Period
Land	217,138,252
Buildings, Improvements and Acquisition Fees	174,982,297
Total	392,120,549
Accumulated Depreciation	$ 44,754,449
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Book stores
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	998,250
Buildings, Improvements and Acquisition Fees	3,696,707
Cost Capitalized Subsequent to Acquisition
Improvements	129,751
Carrying Costs	79
Gross Amounts at Which Carried at Close of Period
Land	998,250
Buildings, Improvements and Acquisition Fees	3,826,537
Total	4,824,787
Accumulated Depreciation	$ 3,590,046
U.S. | Book stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Child care
SEC Schedule III
Number of Properties | property	278
Encumbrances	$ 0
Initial Cost to Company
Land	98,644,904
Buildings, Improvements and Acquisition Fees	221,368,767
Cost Capitalized Subsequent to Acquisition
Improvements	5,240,741
Carrying Costs	901,323
Gross Amounts at Which Carried at Close of Period
Land	98,644,904
Buildings, Improvements and Acquisition Fees	227,510,831
Total	326,155,735
Accumulated Depreciation	$ 109,437,582
U.S. | Child care | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	4 years
U.S. | Child care | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Consumer electronics
SEC Schedule III
Number of Properties | property	12
Encumbrances	$ 0
Initial Cost to Company
Land	22,731,086
Buildings, Improvements and Acquisition Fees	28,326,134
Cost Capitalized Subsequent to Acquisition
Improvements	939,944
Carrying Costs	51,616
Gross Amounts at Which Carried at Close of Period
Land	22,731,086
Buildings, Improvements and Acquisition Fees	29,317,694
Total	52,048,780
Accumulated Depreciation	$ 12,093,963
U.S. | Consumer electronics | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Consumer electronics | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Consumer goods
SEC Schedule III
Number of Properties | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	7,663,458
Buildings, Improvements and Acquisition Fees	124,173,738
Cost Capitalized Subsequent to Acquisition
Improvements	894,295
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	7,663,458
Buildings, Improvements and Acquisition Fees	125,068,033
Total	132,731,491
Accumulated Depreciation	$ 26,065,011
U.S. | Consumer goods | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	34 years
U.S. | Consumer goods | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Convenience stores
SEC Schedule III
Number of Properties | property	1,255
Encumbrances	$ 0
Initial Cost to Company
Land	1,067,078,213
Buildings, Improvements and Acquisition Fees	1,402,601,795
Cost Capitalized Subsequent to Acquisition
Improvements	(598,228)
Carrying Costs	145,384
Gross Amounts at Which Carried at Close of Period
Land	1,067,078,213
Buildings, Improvements and Acquisition Fees	1,402,148,951
Total	2,469,227,164
Accumulated Depreciation	$ 368,222,563
U.S. | Convenience stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	5 years
U.S. | Convenience stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Crafts and novelties
SEC Schedule III
Number of Properties | property	29
Encumbrances	$ 0
Initial Cost to Company
Land	53,819,025
Buildings, Improvements and Acquisition Fees	124,854,660
Cost Capitalized Subsequent to Acquisition
Improvements	995,404
Carrying Costs	440,482
Gross Amounts at Which Carried at Close of Period
Land	53,819,025
Buildings, Improvements and Acquisition Fees	126,290,546
Total	180,109,571
Accumulated Depreciation	$ 18,551,249
U.S. | Crafts and novelties | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Crafts and novelties | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	34 years
U.S. | Diversified industrial
SEC Schedule III
Number of Properties | property	8
Encumbrances	$ 9,790,000
Initial Cost to Company
Land	12,501,884
Buildings, Improvements and Acquisition Fees	140,181,089
Cost Capitalized Subsequent to Acquisition
Improvements	139,970
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	12,501,884
Buildings, Improvements and Acquisition Fees	140,321,059
Total	152,822,943
Accumulated Depreciation	$ 21,274,393
U.S. | Diversified industrial | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Diversified industrial | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Dollar stores
SEC Schedule III
Number of Properties | property	1,337
Encumbrances	$ 11,127,000
Initial Cost to Company
Land	436,860,261
Buildings, Improvements and Acquisition Fees	1,283,734,718
Cost Capitalized Subsequent to Acquisition
Improvements	1,749,982
Carrying Costs	8,879
Gross Amounts at Which Carried at Close of Period
Land	436,860,261
Buildings, Improvements and Acquisition Fees	1,285,493,579
Total	1,722,353,840
Accumulated Depreciation	$ 302,143,582
U.S. | Dollar stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	21 years
U.S. | Dollar stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Drug stores
SEC Schedule III
Number of Properties | property	384
Encumbrances	$ 123,224,723
Initial Cost to Company
Land	575,380,313
Buildings, Improvements and Acquisition Fees	1,331,712,483
Cost Capitalized Subsequent to Acquisition
Improvements	3,288,007
Carrying Costs	100,379
Gross Amounts at Which Carried at Close of Period
Land	575,380,313
Buildings, Improvements and Acquisition Fees	1,335,100,869
Total	1,910,481,182
Accumulated Depreciation	$ 355,374,686
U.S. | Drug stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	9 years
U.S. | Drug stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Education
SEC Schedule III
Number of Properties | property	13
Encumbrances	$ 0
Initial Cost to Company
Land	5,689,836
Buildings, Improvements and Acquisition Fees	19,699,816
Cost Capitalized Subsequent to Acquisition
Improvements	389,722
Carrying Costs	130,135
Gross Amounts at Which Carried at Close of Period
Land	5,689,836
Buildings, Improvements and Acquisition Fees	20,219,673
Total	25,909,509
Accumulated Depreciation	$ 16,215,093
U.S. | Education | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	12 years
U.S. | Education | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Electric utilities
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,450,000
Buildings, Improvements and Acquisition Fees	9,209,989
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,450,000
Buildings, Improvements and Acquisition Fees	9,209,989
Total	10,659,989
Accumulated Depreciation	$ 1,941,726
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Entertainment
SEC Schedule III
Number of Properties | property	10
Encumbrances	$ 0
Initial Cost to Company
Land	28,373,479
Buildings, Improvements and Acquisition Fees	10,617,464
Cost Capitalized Subsequent to Acquisition
Improvements	515,457
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	28,373,479
Buildings, Improvements and Acquisition Fees	11,132,921
Total	39,506,400
Accumulated Depreciation	$ 6,634,393
U.S. | Entertainment | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	24 years
U.S. | Entertainment | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Equipment services
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	3,889,283
Buildings, Improvements and Acquisition Fees	38,989,570
Cost Capitalized Subsequent to Acquisition
Improvements	650,489
Carrying Costs	140
Gross Amounts at Which Carried at Close of Period
Land	3,889,283
Buildings, Improvements and Acquisition Fees	39,640,199
Total	43,529,482
Accumulated Depreciation	$ 11,916,443
U.S. | Equipment services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Equipment services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Financial services
SEC Schedule III
Number of Properties | property	238
Encumbrances	$ 0
Initial Cost to Company
Land	115,289,112
Buildings, Improvements and Acquisition Fees	351,027,648
Cost Capitalized Subsequent to Acquisition
Improvements	(4,403,463)
Carrying Costs	101,099
Gross Amounts at Which Carried at Close of Period
Land	115,289,112
Buildings, Improvements and Acquisition Fees	346,725,284
Total	462,014,396
Accumulated Depreciation	$ 87,506,735
U.S. | Financial services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	15 years
U.S. | Financial services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Food processing
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 28,533,002
Initial Cost to Company
Land	13,025,055
Buildings, Improvements and Acquisition Fees	151,759,842
Cost Capitalized Subsequent to Acquisition
Improvements	210,468
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	13,025,055
Buildings, Improvements and Acquisition Fees	151,970,310
Total	164,995,365
Accumulated Depreciation	$ 25,524,794
U.S. | Food processing | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Food processing | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | General merchandise
SEC Schedule III
Number of Properties | property	122
Encumbrances	$ 0
Initial Cost to Company
Land	199,207,356
Buildings, Improvements and Acquisition Fees	619,215,984
Cost Capitalized Subsequent to Acquisition
Improvements	(6,200,698)
Carrying Costs	557,868
Gross Amounts at Which Carried at Close of Period
Land	199,207,356
Buildings, Improvements and Acquisition Fees	613,573,154
Total	812,780,510
Accumulated Depreciation	$ 81,974,326
U.S. | General merchandise | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	15 years
U.S. | General merchandise | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Government services
SEC Schedule III
Number of Properties | property	16
Encumbrances	$ 0
Initial Cost to Company
Land	8,093,555
Buildings, Improvements and Acquisition Fees	121,520,749
Cost Capitalized Subsequent to Acquisition
Improvements	3,517,744
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	8,093,555
Buildings, Improvements and Acquisition Fees	125,038,493
Total	133,132,048
Accumulated Depreciation	$ 29,653,734
U.S. | Government services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Government services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Grocery stores
SEC Schedule III
Number of Properties | property	132
Encumbrances	$ 38,621,000
Initial Cost to Company
Land	276,250,552
Buildings, Improvements and Acquisition Fees	783,434,945
Cost Capitalized Subsequent to Acquisition
Improvements	1,821,243
Carrying Costs	325,183
Gross Amounts at Which Carried at Close of Period
Land	276,250,552
Buildings, Improvements and Acquisition Fees	785,581,371
Total	1,061,831,923
Accumulated Depreciation	$ 154,197,849
U.S. | Grocery stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	20 years
U.S. | Grocery stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Health and beauty
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,475,474
Buildings, Improvements and Acquisition Fees	43,935,914
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,475,474
Buildings, Improvements and Acquisition Fees	43,935,914
Total	46,411,388
Accumulated Depreciation	$ 3,256,609
U.S. | Health and beauty | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Health and beauty | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Health and fitness
SEC Schedule III
Number of Properties | property	103
Encumbrances	$ 0
Initial Cost to Company
Land	251,062,948
Buildings, Improvements and Acquisition Fees	1,054,810,217
Cost Capitalized Subsequent to Acquisition
Improvements	7,735,262
Carrying Costs	172,145
Gross Amounts at Which Carried at Close of Period
Land	251,062,948
Buildings, Improvements and Acquisition Fees	1,062,717,624
Total	1,313,780,572
Accumulated Depreciation	$ 262,990,060
U.S. | Health and fitness | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Health and fitness | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Health care
SEC Schedule III
Number of Properties | property	66
Encumbrances	$ 0
Initial Cost to Company
Land	51,510,133
Buildings, Improvements and Acquisition Fees	298,522,788
Cost Capitalized Subsequent to Acquisition
Improvements	4,046,245
Carrying Costs	1,285,766
Gross Amounts at Which Carried at Close of Period
Land	51,510,133
Buildings, Improvements and Acquisition Fees	303,854,799
Total	355,364,932
Accumulated Depreciation	$ 66,121,271
U.S. | Health care | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	16 years
U.S. | Health care | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Home furnishings
SEC Schedule III
Number of Properties | property	64
Encumbrances	$ 9,700,000
Initial Cost to Company
Land	31,810,693
Buildings, Improvements and Acquisition Fees	109,453,697
Cost Capitalized Subsequent to Acquisition
Improvements	2,365,455
Carrying Costs	127,944
Gross Amounts at Which Carried at Close of Period
Land	31,810,693
Buildings, Improvements and Acquisition Fees	111,947,096
Total	143,757,789
Accumulated Depreciation	$ 34,126,430
U.S. | Home furnishings | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	15 years
U.S. | Home furnishings | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Home improvement
SEC Schedule III
Number of Properties | property	83
Encumbrances	$ 6,095,360
Initial Cost to Company
Land	224,674,137
Buildings, Improvements and Acquisition Fees	465,949,401
Cost Capitalized Subsequent to Acquisition
Improvements	2,472,665
Carrying Costs	75,210
Gross Amounts at Which Carried at Close of Period
Land	224,674,137
Buildings, Improvements and Acquisition Fees	468,497,276
Total	693,171,413
Accumulated Depreciation	$ 84,948,975
U.S. | Home improvement | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Home improvement | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Insurance
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	634,343
Buildings, Improvements and Acquisition Fees	6,331,030
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	634,343
Buildings, Improvements and Acquisition Fees	6,331,030
Total	6,965,373
Accumulated Depreciation	$ 2,120,895
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Jewelry
SEC Schedule III
Number of Properties | property	4
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings, Improvements and Acquisition Fees	8,268,989
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings, Improvements and Acquisition Fees	8,268,989
Total	8,268,989
Accumulated Depreciation	$ 2,632,294
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Machinery
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,630,917
Buildings, Improvements and Acquisition Fees	12,938,430
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,630,917
Buildings, Improvements and Acquisition Fees	12,938,430
Total	14,569,347
Accumulated Depreciation	$ 4,377,502
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Motor vehicle dealerships
SEC Schedule III
Number of Properties | property	28
Encumbrances	$ 0
Initial Cost to Company
Land	115,897,045
Buildings, Improvements and Acquisition Fees	143,335,317
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	231
Gross Amounts at Which Carried at Close of Period
Land	115,897,045
Buildings, Improvements and Acquisition Fees	143,335,548
Total	259,232,593
Accumulated Depreciation	$ 56,030,088
U.S. | Motor vehicle dealerships | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Office supplies
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	8,281,041
Buildings, Improvements and Acquisition Fees	13,776,478
Cost Capitalized Subsequent to Acquisition
Improvements	875,115
Carrying Costs	349,599
Gross Amounts at Which Carried at Close of Period
Land	8,281,041
Buildings, Improvements and Acquisition Fees	15,001,192
Total	23,282,233
Accumulated Depreciation	$ 12,683,737
U.S. | Office supplies | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Office supplies | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Other manufacturing
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 23,664,607
Initial Cost to Company
Land	8,893,136
Buildings, Improvements and Acquisition Fees	78,526,394
Cost Capitalized Subsequent to Acquisition
Improvements	1,676,794
Carrying Costs	239,723
Gross Amounts at Which Carried at Close of Period
Land	8,893,136
Buildings, Improvements and Acquisition Fees	80,442,911
Total	89,336,047
Accumulated Depreciation	$ 14,216,221
U.S. | Other manufacturing | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	34 years
U.S. | Other manufacturing | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Packaging
SEC Schedule III
Number of Properties | property	10
Encumbrances	$ 1,809,877
Initial Cost to Company
Land	20,323,553
Buildings, Improvements and Acquisition Fees	163,114,123
Cost Capitalized Subsequent to Acquisition
Improvements	2,480,121
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	20,323,553
Buildings, Improvements and Acquisition Fees	165,594,244
Total	185,917,797
Accumulated Depreciation	$ 33,290,751
U.S. | Packaging | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Packaging | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Paper
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	2,462,414
Buildings, Improvements and Acquisition Fees	11,934,685
Cost Capitalized Subsequent to Acquisition
Improvements	44,760
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	2,462,414
Buildings, Improvements and Acquisition Fees	11,979,445
Total	14,441,859
Accumulated Depreciation	$ 3,834,776
U.S. | Paper | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Paper | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Pet supplies and services
SEC Schedule III
Number of Properties | property	43
Encumbrances	$ 2,509,000
Initial Cost to Company
Land	26,418,753
Buildings, Improvements and Acquisition Fees	114,773,425
Cost Capitalized Subsequent to Acquisition
Improvements	5,541,147
Carrying Costs	243,582
Gross Amounts at Which Carried at Close of Period
Land	26,418,753
Buildings, Improvements and Acquisition Fees	120,558,154
Total	146,976,907
Accumulated Depreciation	$ 25,506,704
U.S. | Pet supplies and services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	11 years
U.S. | Pet supplies and services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Restaurants-casual dining
SEC Schedule III
Number of Properties | property	263
Encumbrances	$ 0
Initial Cost to Company
Land	225,489,972
Buildings, Improvements and Acquisition Fees	416,077,090
Cost Capitalized Subsequent to Acquisition
Improvements	(1,386,447)
Carrying Costs	1,936,522
Gross Amounts at Which Carried at Close of Period
Land	225,489,972
Buildings, Improvements and Acquisition Fees	416,627,165
Total	642,117,137
Accumulated Depreciation	$ 126,891,240
U.S. | Restaurants-casual dining | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	10 years
U.S. | Restaurants-casual dining | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	40 years
U.S. | Restaurants-quick service
SEC Schedule III
Number of Properties | property	907
Encumbrances	$ 0
Initial Cost to Company
Land	434,309,094
Buildings, Improvements and Acquisition Fees	806,191,905
Cost Capitalized Subsequent to Acquisition
Improvements	865,353
Carrying Costs	212,582
Gross Amounts at Which Carried at Close of Period
Land	434,309,094
Buildings, Improvements and Acquisition Fees	807,269,840
Total	1,241,578,934
Accumulated Depreciation	$ 178,660,444
U.S. | Restaurants-quick service | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	11 years
U.S. | Restaurants-quick service | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	26 years
U.S. | Shoe stores
SEC Schedule III
Number of Properties | property	3
Encumbrances	$ 0
Initial Cost to Company
Land	6,251,472
Buildings, Improvements and Acquisition Fees	35,793,479
Cost Capitalized Subsequent to Acquisition
Improvements	214,466
Carrying Costs	214,706
Gross Amounts at Which Carried at Close of Period
Land	6,251,472
Buildings, Improvements and Acquisition Fees	36,222,651
Total	42,474,123
Accumulated Depreciation	$ 10,836,836
U.S. | Shoe stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Shoe stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Sporting goods
SEC Schedule III
Number of Properties | property	20
Encumbrances	$ 0
Initial Cost to Company
Land	34,594,645
Buildings, Improvements and Acquisition Fees	101,810,538
Cost Capitalized Subsequent to Acquisition
Improvements	997,950
Carrying Costs	178,206
Gross Amounts at Which Carried at Close of Period
Land	34,594,645
Buildings, Improvements and Acquisition Fees	102,986,694
Total	137,581,339
Accumulated Depreciation	$ 29,388,411
U.S. | Sporting goods | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	19 years
U.S. | Sporting goods | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Telecommunications
SEC Schedule III
Number of Properties | property	7
Encumbrances	$ 0
Initial Cost to Company
Land	9,269,789
Buildings, Improvements and Acquisition Fees	68,360,132
Cost Capitalized Subsequent to Acquisition
Improvements	1,484,421
Carrying Costs	21,884
Gross Amounts at Which Carried at Close of Period
Land	9,269,789
Buildings, Improvements and Acquisition Fees	69,866,437
Total	79,136,226
Accumulated Depreciation	$ 20,270,489
U.S. | Telecommunications | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	22 years
U.S. | Telecommunications | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Theaters
SEC Schedule III
Number of Properties | property	78
Encumbrances	$ 0
Initial Cost to Company
Land	227,724,561
Buildings, Improvements and Acquisition Fees	742,442,923
Cost Capitalized Subsequent to Acquisition
Improvements	8,987,908
Carrying Costs	270
Gross Amounts at Which Carried at Close of Period
Land	227,724,561
Buildings, Improvements and Acquisition Fees	751,431,101
Total	979,155,662
Accumulated Depreciation	$ 212,038,075
U.S. | Theaters | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	21 years
U.S. | Theaters | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Transportation services
SEC Schedule III
Number of Properties | property	44
Encumbrances	$ 0
Initial Cost to Company
Land	102,948,288
Buildings, Improvements and Acquisition Fees	800,700,134
Cost Capitalized Subsequent to Acquisition
Improvements	3,051,181
Carrying Costs	401,593
Gross Amounts at Which Carried at Close of Period
Land	102,948,288
Buildings, Improvements and Acquisition Fees	804,152,908
Total	907,101,196
Accumulated Depreciation	$ 177,461,019
U.S. | Transportation services | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Transportation services | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.S. | Wholesale clubs
SEC Schedule III
Number of Properties | property	33
Encumbrances	$ 17,820,000
Initial Cost to Company
Land	191,190,334
Buildings, Improvements and Acquisition Fees	328,001,563
Cost Capitalized Subsequent to Acquisition
Improvements	(3,889,900)
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	191,190,334
Buildings, Improvements and Acquisition Fees	324,111,663
Total	515,301,997
Accumulated Depreciation	$ 107,718,055
U.S. | Wholesale clubs | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.S. | Other
SEC Schedule III
Number of Properties | property	6
Encumbrances	$ 0
Initial Cost to Company
Land	7,254,447
Buildings, Improvements and Acquisition Fees	24,355,185
Cost Capitalized Subsequent to Acquisition
Improvements	887,023
Carrying Costs	18,796
Gross Amounts at Which Carried at Close of Period
Land	7,254,447
Buildings, Improvements and Acquisition Fees	25,261,004
Total	32,515,451
Accumulated Depreciation	$ 6,351,227
U.S. | Other | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	23 years
U.S. | Other | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	35 years
U.K. | Grocery stores
SEC Schedule III
Number of Properties | property	31
Encumbrances	$ 0
Initial Cost to Company
Land	568,612,041
Buildings, Improvements and Acquisition Fees	586,831,469
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	568,612,041
Buildings, Improvements and Acquisition Fees	586,831,469
Total	1,155,443,510
Accumulated Depreciation	$ 23,683,408
U.K. | Grocery stores | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	25 years
U.K. | Grocery stores | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	167 years
U.K. | Health care
SEC Schedule III
Number of Properties | property	2
Encumbrances	$ 0
Initial Cost to Company
Land	8,902,803
Buildings, Improvements and Acquisition Fees	17,341,109
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	8,902,803
Buildings, Improvements and Acquisition Fees	17,341,109
Total	26,243,912
Accumulated Depreciation	$ 447,303
U.K. | Health care | Minimum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	63 years
U.K. | Health care | Maximum
Gross Amounts at Which Carried at Close of Period
Life on which depreciation in latest Income Statement is Computed	71 years
U.K. | Home improvement
SEC Schedule III
Number of Properties | property	8
Encumbrances	$ 0
Initial Cost to Company
Land	101,275,951
Buildings, Improvements and Acquisition Fees	86,969,771
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	101,275,951
Buildings, Improvements and Acquisition Fees	86,969,771
Total	188,245,722
Accumulated Depreciation	$ 956,356
Life on which depreciation in latest Income Statement is Computed	25 years
U.K. | Theaters
SEC Schedule III
Number of Properties | property	1
Encumbrances	$ 0
Initial Cost to Company
Land	1,561,502
Buildings, Improvements and Acquisition Fees	0
Cost Capitalized Subsequent to Acquisition
Improvements	0
Carrying Costs	0
Gross Amounts at Which Carried at Close of Period
Land	1,561,502
Buildings, Improvements and Acquisition Fees	0
Total	1,561,502
Accumulated Depreciation	$ 0

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Summary of Activity (Details)	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Reconciliation of total real estate carrying value
Balance at Beginning of Period	$ 19,637,626,852	$ 16,566,601,986	$ 15,027,043,415
Acquisitions	2,163,707,260	3,644,884,106	1,802,745,841
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets	(382,849,836)	(401,318,627)	(89,474,897)
Improvements, Etc.	6,194,424	17,447,145	23,043,158
Other (Leasing Costs and Building Adjustments as a result of net debt premiums) (1)	22,489,716	2,740,797	2,839,574
Total Additions	1,809,541,564	3,263,753,421	1,739,153,676
Cost of Real Estate sold	253,505,789	129,736,613	165,023,825
Cost of Equipment sold	24,799	11,200	15,650
Releasing costs	258,513	673,647	232,089
Other (including Provisions for Impairment) (2)	195,003,525	87,951,488	34,323,541
Total Deductions	448,792,626	218,372,948	199,595,105
Foreign Currency Translation	49,958,270	25,644,393	0
Balance at Close of Period	21,048,334,060	19,637,626,852	16,566,601,986
Reconciliation of accumulated depreciation
Balance at Beginning of Period	3,140,854,604	2,723,085,290	2,350,544,126
Additions During Period - Provision for Depreciation	531,908,615	481,498,979	432,482,396
Accumulated depreciation of real estate and equipment sold or disposed of	110,914,744	64,053,838	59,941,232
Foreign Currency Translation	1,329,222	324,174	0
Balance at Close of Period	$ 3,563,177,697	3,140,854,604	$ 2,723,085,290
Other Disclosure Notes
Number of properties | property	6,593
Number of properties secured by mortgages | property	68
Unamortized net debt premiums on mortgages payable excluded from encumbrances	$ 1,700,000
Aggregate cost for federal income tax purposes	22,741,595,516
Reclassification of right of use assets under finance leases	$ 22,500,000	$ 36,900,000
Number of properties on which provisions for impairment were recorded | property	99	51	44
U.S. | Single-client properties
Other Disclosure Notes
Number of properties | property	6,503
U.S. | Corporate headquarters
Other Disclosure Notes
Number of properties | property	1
U.S. | Single-client properties - Crest Net Lease
Other Disclosure Notes
Number of properties | property	13
U.S. | Multi-client properties
Other Disclosure Notes
Number of properties | property	34
U.K. | Single-client properties
Other Disclosure Notes
Number of properties | property	39
U.K. | Multi-client properties
Other Disclosure Notes
Number of properties | property	3
Crest Net Lease, Inc
Other Disclosure Notes
Aggregate cost for federal income tax purposes	$ 92,643,698