Realty Income (O) 10-Q29 Oct 152015 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 22, 2015
Document and Entity Information
Entity Registrant Name	REALTY INCOME CORP
Entity Central Index Key	726,728
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		249,600,461
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate, at cost:
Land	$ 3,246,465	$ 3,046,372
Buildings and improvements	8,859,414	8,107,199
Total real estate, at cost	12,105,879	11,153,571
Less accumulated depreciation and amortization	(1,609,914)	(1,386,871)
Net real estate held for investment	10,495,965	9,766,700
Real estate held for sale, net	13,346	14,840
Net real estate	10,509,311	9,781,540
Cash and cash equivalents	7,074	3,852
Accounts receivable, net	74,977	64,386
Acquired lease intangible assets, net	1,043,554	1,039,724
Goodwill	15,372	15,470
Other assets, net	88,281	107,650
Total assets	11,738,569	11,012,622
LIABILITIES AND EQUITY
Distributions payable	47,844	43,675
Accounts payable and accrued expenses	97,219	123,287
Acquired lease intangible liabilities, net	241,128	220,469
Other liabilities	36,993	53,145
Lines of credit payable	439,000	223,000
Term loans	320,000	70,000
Mortgages payable, net	706,141	852,575
Notes payable, net	3,786,408	3,785,372
Total liabilities	$ 5,674,733	$ 5,371,523
Commitments and contingencies
Stockholders' equity:
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and outstanding as of September 30, 2015 and December 31, 2014	$ 395,378	$ 395,378
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 238,085,515 shares issued and outstanding as of September 30, 2015 and 224,881,192 shares issued and outstanding as of December 31, 2014	7,107,662	6,464,987
Distributions in excess of net income	(1,463,392)	(1,246,964)
Total stockholders' equity	6,039,648	5,613,401
Noncontrolling interests	24,188	27,698
Total equity	6,063,836	5,641,099
Total liabilities and equity	$ 11,738,569	$ 11,012,622

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Preferred stock and paid in capital, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock and paid in capital, shares authorized	69,900,000	69,900,000
Preferred stock and paid in capital, shares issued	16,350,000	16,350,000
Preferred stock and paid in capital, shares outstanding	16,350,000	16,350,000
Common stock and paid in capital, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock and paid in capital, shares authorized	370,100,000	370,100,000
Common stock and paid in capital, shares issued	238,085,515	224,881,192
Common stock and paid in capital, shares outstanding	238,085,515	224,881,192

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Rental	$ 247,578	$ 226,832	$ 724,131	$ 662,822
Tenant reimbursements	10,187	8,275	31,757	20,872
Other	1,124	606	3,729	2,238
Total revenue	258,889	235,713	759,617	685,932
EXPENSES
Depreciation and amortization	104,338	95,260	303,476	278,124
Interest	63,950	52,814	181,098	157,246
General and administrative	10,861	11,025	36,331	35,499
Property (including reimbursable)	13,542	12,770	42,455	33,474
Income taxes	745	697	2,448	2,358
Provisions for impairment	3,864	495	9,182	2,676
Total expenses	197,300	173,061	574,990	509,377
Gain on sales of real estate	6,224	10,975	17,117	14,211
Income from continuing operations	67,813	73,627	201,744	190,766
Income from discontinued operations				3,097
Net income	67,813	73,627	201,744	193,863
Net income attributable to noncontrolling interests	(338)	(344)	(919)	(1,016)
Net income attributable to the Company	67,475	73,283	200,825	192,847
Preferred stock dividends	(6,770)	(9,327)	(20,310)	(30,292)
Excess of redemption value over carrying value of preferred shares redeemed		(6,015)		(6,015)
Net income available to common stockholders	$ 60,705	$ 57,941	$ 180,515	$ 156,540
Amounts available to common stockholders per common share, basic and diluted:
Income from continuing operations (in dollars per share)	$ 0.26	$ 0.26	$ 0.78	$ 0.71
Net income (in dollars per share)	$ 0.26	$ 0.26	$ 0.78	$ 0.72
Weighted average common shares outstanding:
Basic (in shares)	236,211,706	222,061,661	231,434,521	216,804,815
Diluted (in shares)	236,739,942	222,236,071	231,862,767	217,147,035

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 201,744	$ 193,863
Adjustments to net income:
Depreciation and amortization	303,476	278,124
Income from discontinued operations		(3,097)
Amortization of share-based compensation	7,598	7,653
Non-cash rental adjustments	(6,462)	(5,390)
Amortization of net premiums on mortgages payable	(5,608)	(10,843)
Amortization of deferred financing costs	6,806	8,027
Loss on interest rate swaps	7,138	409
Gain on sales of real estate	(17,117)	(14,211)
Provisions for impairment on real estate	9,182	2,676
Cash provided by discontinued operations		1,310
Change in assets and liabilities
Accounts receivable and other assets	2,351	11,976
Accounts payable, accrued expenses and other liabilities	(36,160)	(30,416)
Net cash provided by operating activities	472,948	440,081
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(1,061,871)	(1,076,391)
Improvements to real estate, including leasing costs	(5,861)	(4,538)
Proceeds from sales of real estate:
Continuing operations	51,958	46,644
Discontinued operations		6,918
Collection of loans receivable		350
Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions	20,517	(27,340)
Net cash used in investing activities	(995,257)	(1,054,357)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(392,767)	(356,735)
Cash dividends to preferred stockholders	(20,310)	(31,447)
Borrowings on line of credit	1,059,000	1,359,121
Payments on line of credit	(843,000)	(1,442,121)
Proceeds from notes and bonds payable issued		598,594
Principal payments on mortgages payable	(140,825)	(77,619)
Proceeds from term loans	250,000
Proceeds from common stock offerings, net	276,430	528,615
Redemption of preferred units	(6,750)
Distributions to noncontrolling interests	(1,267)	(1,390)
Debt issuance costs	(10,358)	(5,609)
Proceeds from dividend reinvestment and stock purchase plan, net	360,941	56,580
Other items, including shares withheld upon vesting	(5,563)	(7,034)
Net cash provided by financing activities	525,531	620,955
Net increase in cash and cash equivalents	3,222	6,679
Cash and cash equivalents, beginning of period	3,852	10,257
Cash and cash equivalents, end of period	$ 7,074	$ 16,936

Management Statement

Management Statement	9 Months Ended
Management Statement	Sep. 30, 2015
Management Statement
Management Statement	1. Management Statement The consolidated financial statements of Realty Income Corporation (“Realty Income”, the “Company”, “we”, “our” or “us”) were prepared from our books and records without audit and include all adjustments (consisting of only normal recurring accruals) necessary to present a fair statement of results for the interim periods presented. Readers of this quarterly report should refer to our audited consolidated financial statements for the year ended December 31, 2014, which are included in our 2014 Annual Report on Form 10-K, as certain disclosures that would substantially duplicate those contained in the audited financial statements have not been included in this report. At September 30, 2015, we owned 4,473 properties, located in 49 states and Puerto Rico, containing over 74.8 million leasable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements A. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e., control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments. B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes. C. We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay rent, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $607,000 at September 30, 2015 and $765,000 at December 31, 2014. D. We assign a portion of goodwill to our applicable property sales, which results in a reduction of the carrying amount of our goodwill. In order to allocate goodwill to the carrying amount of properties that we sell, we utilize a relative fair value approach based on the original methodology for assigning goodwill. As we sell properties, our goodwill will likely continue to gradually decrease over time. During our tests for impairment of goodwill during the second quarters of 2015 and 2014, we determined that the estimated fair values of our reporting units exceeded their carrying values. We did not have an impairment on our existing goodwill in 2015 or 2014. E. In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU 2015-03, which amends Topic 835, Other Presentation Matters . The amendments in this ASU require that debt issuance costs be reported on the balance sheet as a direct reduction of the face amount of the debt instrument they relate to, and should not be classified as a deferred charge, as was previously required under the Accounting Standards Codification. ASU 2015-03 is effective, on a retrospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We have not yet adopted this ASU and do not expect it to have a material impact on our consolidated financial statements. In September 2015, FASB, issued ASU 2015-16, which amends Topic 805, Business Combinations . The amendments in this ASU require that we recognize purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminate the requirement to retrospectively account for these adjustments. ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We have chosen to early adopt ASU 2015-16 for the three- and nine-months ended September 30, 2015 and it did not have a material impact on our consolidated financial statements.

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheets	9 Months Ended
	Sep. 30, 2015
Supplemental Detail for Certain Components of Consolidated Balance Sheets
Supplemental Detail for Certain Components of Consolidated Balance Sheets	3. Supplemental Detail for Certain Components of Consolidated Balance Sheets A. Acquired lease intangible assets, net, consist of the following September 30, December 31, (dollars in thousands) at: Acquired in-place leases $ $ Accumulated amortization of acquired in-place leases ) ) Acquired above-market leases Accumulated amortization of acquired above-market leases ) ) $ $ September 30, December 31, B. Other assets, net, consist of the following (dollars in thousands) at: Deferred financing costs, net $ $ Notes receivable issued in connection with property sales Restricted escrow deposits Prepaid expenses Credit facility origination costs, net Impounds related to mortgages payable Corporate assets, net Other items ) $ $ C. Distributions payable consist of the following declared September 30, December 31, distributions (dollars in thousands) at: Common stock distributions $ $ Preferred stock dividends Noncontrolling interests distributions $ $ D. Accounts payable and accrued expenses consist of the September 30, December 31, following (dollars in thousands) at: Notes payable - interest payable $ $ Property taxes payable Accrued costs on properties under development Mortgages, term loans, credit line - interest payable and interest rate swaps Other items $ $ E. Acquired lease intangible liabilities, net, consist of the September 30, December 31, following (dollars in thousands) at: Acquired below-market leases $ $ Accumulated amortization of acquired below-market leases ) ) $ $ F. Other liabilities consist of the following September 30, December 31, (dollars in thousands) at: Rent received in advance $ $ Security deposits Capital lease obligations Preferred units issued upon acquisition of ARCT - $ $

Investments in Real Estate

Investments in Real Estate	9 Months Ended
Investments in Real Estate	Sep. 30, 2015
Investments in Real Estate
Investments in Real Estate	4. Investments in Real Estate We acquire land, buildings and improvements necessary for the successful operations of commercial tenants. A. Acquisitions during the First Nine Months of 2015 and 2014 During the first nine months of 2015, we invested $1.1 billion in 195 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 6.5%. The 195 new properties and properties under development or expansion are located in 36 states, will contain approximately 5.1 million leasable square feet, and are 100% leased with a weighted average lease term of 16.7 years. The tenants occupying the new properties operate in 18 industries and the property types consist of 87.0% retail and 13.0% industrial, based on rental revenue. None of our investments during 2015 caused any one tenant to be 10% or more of our total assets at September 30, 2015. The $1.1 billion invested during the first nine months of 2015 was allocated as follows: $214.8 million to land, $780.8 million to buildings and improvements, $86.6 million to intangible assets related to leases, and $27.2 million to intangible liabilities related to leases and other assumed liabilities. There was no contingent consideration associated with these acquisitions. The properties acquired during the first nine months of 2015 generated total revenues of $25.3 million and income from continuing operations of $12.6 million. Of the $1.1 billion we invested during the first nine months of 2015, $117.2 million of the purchase price allocation is based on a preliminary measurement of fair value that is subject to change. The allocation for these properties represents our current best estimate of fair value and we expect to finalize the valuations and complete the purchase price allocations in 2015. During the first nine months of 2015, we finalized the purchase price allocations for $147.1 million invested in the fourth quarter of 2014. There were no material changes to our consolidated balance sheets or income statements as a result of these purchase price allocations being finalized. In comparison, during the first nine months of 2014, we invested $1.24 billion in 439 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 7.1%. The 439 new properties and properties under development or expansion, were located in 42 states, contain over 8.5 million leasable square feet and were 100% leased with a weighted average lease term of 12.6 years. The tenants occupying the new properties operated in 27 industries and the property types consisted of 85.6% retail, 7.2% industrial and 7.2% office, based on rental revenue. The $1.24 billion invested during the first nine months of 2014 was allocated as follows: $240.1 million to land, $861.9 million to buildings and improvements, $202.0 million to intangible assets related to leases, $901,000 to other assets, net, and $60.5 million to intangible liabilities related to leases and other assumed liabilities. We also recorded net mortgage premiums of $604,000 associated with the $166.7 million of mortgages acquired during the first nine months of 2014. There was no contingent consideration associated with these acquisitions. The properties acquired during the first nine months of 2014 contributed total revenues of $47.3 million and income from continuing operations of $19.2 million for the nine months ended September 30, 2014. The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above. In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.1 billion we invested during the first nine months of 2015, $37.1 million was invested in 30 properties under development or expansion with an estimated initial weighted average contractual lease rate of 9.9%. Of the $1.24 billion we invested during the first nine months of 2014, $69.0 million was invested in 32 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.5%. B. Acquisition Transaction Costs Acquisition transaction costs of $368,000 and $589,000 were recorded to general and administrative expense on our consolidated statements of income during the first nine months of 2015 and 2014, respectively. C. Investments in Existing Properties During the first nine months of 2015, we capitalized costs of $5.9 million on existing properties in our portfolio, consisting of $555,000 for re-leasing costs, $3.8 million for recurring capital expenditures and $1.5 million for non-recurring building improvements. In comparison, during the first nine months of 2014, we capitalized costs of $4.5 million on existing properties in our portfolio. D. Properties with Existing Leases Of the $1.1 billion we invested during the first nine months of 2015, approximately $304.2 million was used to acquire 47 properties with existing leases. In comparison, of the $1.24 billion we invested in the first nine months of 2014, approximately $949.6 million was used to acquire 180 properties with existing leases. The value of the in-place and above-market leases is recorded to acquired lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to acquired lease intangible liabilities, net on our consolidated balance sheets. The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases, for the first nine months of 2015 and 2014, were $65.5 million and $62.1 million, respectively. The values of the above-market and below-market leases are amortized over the term of the respective leases, including any bargain renewal options, as an adjustment to rental revenue on our consolidated statements of income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for the first nine months of 2015 and 2014 were $5.8 million and $6.4 million, respectively. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate. The following table presents the estimated impact during the next five years and thereafter related to the amortization of the acquired above-market and below-market lease intangibles and the amortization of the in-place lease intangibles for properties held for investment at September 30, 2015 (in thousands): Net increase Increase to (decrease) to amortization rental revenue expense 2015 $ ) $ 2016 ) 2017 ) 2018 ) 2019 ) Thereafter Totals $ $

Credit Facility

Credit Facility	9 Months Ended
Credit Facility	Sep. 30, 2015
Credit Facility
Debt instrument
Credit Facility	5. Credit Facility In June 2015, we entered into a new $2 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At September 30, 2015, credit facility origination costs of $11.0 million are included in other assets, net on our consolidated balance sheet. This balance includes $9.1 million of new credit facility origination costs incurred during the second and third quarters of 2015 as a result of entering into our new credit facility. These costs, as well as the costs incurred as a result of entering into our previous credit facilities, are being amortized over the remaining term of our new credit facility. At September 30, 2015, we had a borrowing capacity of $1.56 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $439.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014. The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during the first nine months of 2015 and 2014. At September 30, 2015, the effective interest rate was 1.3%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at September 30, 2015, we remain in compliance with the covenants on our new credit facility.

Mortgages Payable

Mortgages Payable	9 Months Ended
Mortgages Payable	Sep. 30, 2015
Mortgages Payable
Debt instrument
Mortgages Payable	6. Mortgages Payable During the first nine months of 2015, we made $140.8 million in principal payments, including the repayment of ten mortgages in full for $135.3 million. No mortgages were assumed during the first nine months of 2015. During the first nine months of 2014, we made $77.6 million in principal payments, including the repayment of five mortgages in full for $72.0 million, and assumed mortgages totaling $ 166.7 million , excluding net premiums. The mortgages are secured by the properties on which the debt was placed. We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so. During the first nine months of 2014, aggregate net premiums totaling $604,000 were recorded upon assumption of the mortgages for above-market interest rates. Amortization of our net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method. These mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At September 30, 2015 , we remain in compliance with these covenants. We did not incur any deferred financing costs on our mortgages assumed in the first nine months of 2014. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $619,000 at September 30, 2015 and $827,000 at December 31, 2014. These costs are being amortized over the remaining term of each mortgage. The following is a summary of all our mortgages payable as of September 30, 2015 and December 31, 2014, respectively (dollars in thousands): Weighted Weighted Weighted Average Average Average Stated Effective Remaining Remaining Unamortized Mortgage Number of Interest Interest Years Until Principal Premium Payable As Of Properties (1) Rate (2) Rate (3) Maturity Balance Balance, net Balance 9/30/15 $ $ $ 12/31/14 $ $ $ (1) At September 30, 2015, there were 47 mortgages on 192 properties, while at December 31, 2014, there were 57 mortgages on 241 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $51.0 million at September 30, 2015, including net unamortized discounts. At December 31, 2014, five mortgages on 14 properties totaling $74.5 million, including net unamortized discounts, were at variable interest rates. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at September 30, 2015, and three mortgages totaling $39.1 million at December 31, 2014. (2) Stated interest rates ranged from 2.0% to 6.9% at September 30, 2015 and December 31, 2014. (3) Effective interest rates ranged from 2.2% to 8.9% at September 30, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014. The following table summarizes the maturity of mortgages payable, excluding net premiums of $11.0 million, as of September 30, 2015 (dollars in millions): Year of Maturity 2015 $ 2016 2017 2018 2019 Thereafter Totals $

Term Loans

Term Loans	9 Months Ended
Term Loans	Sep. 30, 2015
Term Loans
Term Loans	7. Term Loans In June 2015, in conjunction with entering into our new credit facility, we entered into a $250 million senior unsecured term loan maturing on June 30, 2020. Borrowing under this term loan bears interest at the current one month LIBOR, plus 0.95%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.67%. In January 2013, in conjunction with our acquisition of American Realty Capital Trust, Inc., or ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018. Borrowing under this term loan bears interest at the current one month LIBOR, plus 1.2%. In conjunction with this term loan, we also entered into an interest rate swap which effectively fixes our per annum interest rate on this term loan at 2.15%. Deferred financing costs of $1.2 million incurred in conjunction with the $250 million term loan and $303,000 incurred in conjunction with the $70 million term loan are being amortized over the remaining terms of each term loan. The net balance of these deferred financing costs, which was $1.2 million at September 30, 2015, and $187,000 at December 31, 2014, is included in other assets, net on our consolidated balance sheets.

Notes Payable

Notes Payable	9 Months Ended
Notes Payable	Sep. 30, 2015
Notes Payable
Debt instrument
Credit Facility	8. Notes Payable A. General Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions): September 30, December 31, 5.5% notes, issued in November 2003 and due in November 2015 $ $ 5.95% notes, issued in September 2006 and due in September 2016 5.375% notes, issued in September 2005 and due in September 2017 2.0% notes, issued in October 2012 and due in January 2018 6.75% notes, issued in September 2007 and due in August 2019 5.75% notes, issued in June 2010 and due in January 2021 3.25% notes, issued in October 2012 and due in October 2022 4.65% notes, issued in July 2013 and due in August 2023 3.875% notes, issued in June 2014 and due in July 2024 4.125% notes, issued in September 2014 and due in October 2026 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 Total principal amount Unamortized original issuance discounts ) ) $ $ The following table summarizes the maturity of our notes and bonds payable as of September 30, 2015, excluding unamortized original issuance discounts (dollars in millions): Notes and Year of Maturity Bonds 2015 $ 2016 2017 2018 2019 Thereafter Totals $ As of September 30, 2015, the weighted average interest rate on our notes and bonds payable was 4.8% and the weighted average remaining years until maturity was 6.5 years. B. Note Issuance In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes. The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum. A portion of the total net proceeds of approximately $246.4 million from this offering were used to repay all outstanding borrowings under our credit facility, and the remaining proceeds were used for other general corporate purposes, including additional property acquisitions. Interest is paid semiannually on the 2026 Notes. In June 2014, we issued $350 million of 3.875% senior unsecured notes due July 2024, or the 2024 Notes. The price to the investors for the 2024 Notes was 99.956% of the principal amount for an effective yield of 3.88% per annum. The total net proceeds of approximately $346.7 million from these offerings were used to repay a portion of the outstanding borrowings under our credit facility. Interest is paid semiannually on the 2024 Notes.

Redemption of Preferred Stock

Redemption of Preferred Stock	9 Months Ended
Redemption of Preferred Stock	Sep. 30, 2015
Redemption of Preferred Stock
Redemption of Preferred Stock	9. Redemption of Preferred Stock In September 2014, we issued an irrevocable notice of redemption for all 8.8 million shares of our 6.75% Monthly Income Class E Preferred Stock for $25 per share, plus accrued dividends. The redemption occurred in October 2014. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.

Issuance of Common Stock

Issuance of Common Stock	9 Months Ended
Issuance of Common Stock	Sep. 30, 2015
Issuance of Common Stock
Issuance of Common Stock	10. Issuance of Common Stock In April 2015, we issued 5,500,000 shares of common stock. After underwriting discounts and other offering costs of $1.4 million, the net proceeds of $276.4 million were used to repay borrowings under our credit facility. In April 2014, we issued 13,800,000 shares of common stock, including 1,800,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our credit facility.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
Noncontrolling Interests	Sep. 30, 2015
Noncontrolling Interests.
Noncontrolling Interests	11. Noncontrolling Interests In January 2013, we completed our acquisition of ARCT. Equity issued as consideration for this transaction included common and preferred partnership units issued by Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition. Realty Income and its subsidiaries hold a 99.4% interest in Tau Operating Partnership, and consolidate the entity. In June 2013, we completed the acquisition of a portfolio of properties by issuing common partnership units in a newly formed entity, Realty Income, L.P. The units were issued as consideration for the acquisition. At September 30, 2015, the remaining units from this issuance represent a 1.7% ownership in Realty Income, L.P. Realty Income holds the remaining 98.3% interests in this entity and consolidates the entity. A. Neither of the common partnership units have voting rights. Both common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions. Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We determined that the units meet the requirements to qualify for presentation as permanent equity. The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2015 (dollars in thousands): Tau Operating Realty Income, L.P. Partnership units (1) units (2) Total Carrying value at December 31, 2014 $ $ $ Reallocation of equity ) ) Redemptions - ) ) Distributions ) ) ) Allocation of net income Carrying value at September 30, 2015 $ $ $ Tau Operating Realty Income, L.P. Partnership units (1) units (2) Total Carrying value at December 31, 2013 $ $ $ Reallocation of equity - ) ) Redemptions - ) ) Distributions ) ) ) Allocation of net income Carrying value at December 31, 2014 $ $ $ (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of September 30, 2015 and December 31, 2014. (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, and 499,546 units were outstanding as of December 31, 2014 and 419,546 remain outstanding as of September 30, 2015. During the first nine months of 2015, we recorded net equity reclassification adjustments of $1.1 million between noncontrolling interests and additional paid in capital to adjust the carrying value of noncontrolling interests to be in-line with their equity ownership interests in the entities. During 2014, we recorded an equity reclassification adjustment of $6.6 million between noncontrolling interests and additional paid in capital to adjust the carrying value of the Realty Income, L.P. noncontrolling interests to be in-line with their equity ownership interest in the entity. B. The Tau Operating Partnership preferred units were recorded at fair value as of the date of acquisition. Since they were redeemable at a fixed price on a determinable date, we initially classified them in other liabilities on our consolidated balance sheets. Payments on these preferred units were made monthly at a rate of 2% per annum and were included in interest expense. As of December 31, 2014, the preferred units had a carrying value of $6.75 million. In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid distributions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2015
Fair Value of Financial Instruments
Fair Value of Financial Instruments	12. Fair Value of Financial Instruments Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions): Carrying value per Estimated fair At September 30, 2015 balance sheet value Notes receivable issued in connection with property sales $ $ Mortgages payable assumed in connection with acquisitions, net Notes and bonds payable, net of unamortized original issuance discounts Carrying value per Estimated fair At December 31, 2014 balance sheet value Notes receivable issued in connection with property sales $ $ Mortgages payable assumed in connection with acquisitions, net Notes and bonds payable, net of unamortized original issuance discounts The estimated fair values of our notes receivable issued in connection with property sales and our mortgages payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant Treasury yield curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our notes receivable and mortgages payable is categorized as level three on the three-level valuation hierarchy. The estimated fair values of our senior notes and bonds payable are based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values, related to our notes and bonds payable, is categorized as level two on the three-level valuation hierarchy. We record interest rate swaps on the consolidated balance sheet at fair value. The fair value of our interest rate swaps are based on valuation techniques including discounted cash flow analysis on the expected cash flows of each swap, using both observable and unobservable market-based inputs, including interest rate curves. Because this methodology uses observable and unobservable inputs, the measurement of interest rate swaps is categorized as level two on the three-level valuation hierarchy.

Gain on Sales of Real Estate

Gain on Sales of Real Estate	9 Months Ended
Gain on Sales of Real Estate	Sep. 30, 2015
Gain on Sales of Real Estate
Gain on Sales of Real Estate	13. Gain on Sales of Real Estate During the third quarter of 2015, we sold eight properties for $21.5 million, which resulted in a gain of $6.2 million. During the first nine months of 2015, we sold 22 investment properties for $52.0 million, which resulted in a gain of $17.1 million. The results of operations for these properties are presented within continuing operations. During the third quarter of 2014, we sold 11 properties for $33.8 million, which resulted in a gain of $11.0 million. During the first nine months of 2014, we sold 28 properties for $53.6 million, which resulted in a gain of $16.8 million. Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the first nine months of 2014 have been reclassified as discontinued operations, which was $2.6 million for the nine months ended September 30, 2014. During the first nine months of 2015, Crest Net Lease, Inc., or Crest, did not sell any properties. During the first nine months of 2014, Crest sold one property for $820,000, which did not result in a gain. The results of operations for this property were reclassified as discontinued operations.

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2015
Discontinued Operations
Discontinued Operations	14. Discontinued Operations During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results. We early adopted the requirements of this accounting pronouncement in the first quarter of 2014. Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income. Prior to the date of adoption of Accounting Standards Update 2014-08 (ASU 2014-08), which amends Topic 205, Presentation of Financial Statements , and Topic 360, Property, Plant, and Equipment , we reported, in discontinued operations, the results of operations of properties that had either been disposed of or classified as held for sale in financial statements issued. For the nine months ended September 30, 2014, we recorded income from discontinued operations of $3.1 million, or $0.01 per common share, basic and diluted.

Impairments

Impairments	9 Months Ended
Impairments	Sep. 30, 2015
Impairments
Impairments	15. Impairments We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we utilize in this analysis include projected rental rates, estimated holding periods, historical sales and releases, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases. During the third quarter of 2015, we recorded total provisions for impairment of $3.9 million on one property classified as held for sale, one property classified as held for investment, and two sold properties in the following industries: one in the pet supplies and services industry and three in the restaurant-casual dining industry. For the first nine months of 2015, we recorded total provisions for impairment of $9.2 million on four properties classified as held for sale, three properties classified as held for investment, four sold properties, and one property disposed of other than by sale in the following industries: one in the health and fitness industry, one in the pet supplies and services industry, nine in the restaurant-casual dining industry, and one among the industry we classify as “other.” These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, the provisions for impairment are included in income from continuing operations on our consolidated statement of income for the three and nine months ended September 30, 2015. In comparison, for the third quarter of 2014, we recorded total provisions for impairment of $495,000 on four sold properties in the following industries: one in the convenience stores industry, two in the home improvement industry, and one in the restaurant-casual dining industry. For the first nine months of 2014, we recorded total provisions for impairment of $2.7 million on nine sold properties in the following industries: one in the consumer electronics industry, one in the convenience stores industry, one in the home furnishings industry, two in the home improvement industry, and four in the restaurant-casual dining industry. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income for the three and nine months ended September 30, 2014.

Distributions Paid and Payable

Distributions Paid and Payable	9 Months Ended
Distributions Paid and Payable	Sep. 30, 2015
Distributions Paid and Payable
Distributions Paid and Payable	16. Distributions Paid and Payable A. Common Stock We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the first nine months of 2015 and 2014: Month January $ $ February March April May June July August September Total $ $ At September 30, 2015, a distribution of $0.1905 per common share was payable and was paid in October 2015. B. Class E Preferred Stock Prior to the redemption of the Class E preferred stock in October 2014, dividends of $0.140625 per share were paid monthly in arrears on the Class E preferred stock. During the first nine months of 2014 , we paid six monthly dividends to holders of our Class E preferred stock totaling $1.265625 per share, or $11.1 million. C. Class F Preferred Stock The Class F preferred stockholders receive cumulative distributions at a rate of 6.625% per annum on the $25.00 per share liquidation preference (equivalent to $1.65625 per annum per share). Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. During each of the first nine months of 2015 and 2014, we paid nine monthly dividends to holders of our Class F preferred stock totaling $1.242189 per share, or $20.3 million, and at September 30, 2015, a monthly dividend of $0.138021 per share was payable and was paid in October 2015. We are current in our obligations to pay dividends on our Class F preferred stock.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
Net Income Per Common Share	Sep. 30, 2015
Net Income Per Common Share
Net Income Per Common Share	17. Net Income Per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation. Three months ended Nine months ended September 30, September 30, Weighted average shares used for the basic net income per share computation Incremental shares from share-based compensation Weighted average partnership common units convertible to common shares that were dilutive - Weighted average shares used for diluted net income per share computation Unvested shares from share-based compensation that were anti-dilutive Weighted average partnership common units convertible to common shares that were anti-dilutive

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
Supplemental Disclosures of Cash Flow Information	Sep. 30, 2015
Supplemental Disclosures of Cash Flow Information
Supplemental Disclosures of Cash Flow Information	18. Supplemental Disclosures of Cash Flow Information Cash paid for interest was $201.4 million in the first nine months of 2015 and $183.1 million in the first nine months of 2014. Interest capitalized to properties under development was $463,000 in the first nine months of 2015 and $383,000 in the first nine months of 2014. Cash paid for income taxes was $3.1 million in the first nine months of 2015 and $3.5 million in the first nine months of 2014. The following non-cash activities are included in the accompanying consolidated financial statements: A. See note 15 for a discussion of impairments recorded by Realty Income for the first nine months of 2015 and 2014. B. See note 9 for a discussion of the $6.0 million excess of redemption value over carrying value of preferred shares subject to redemption charge recorded by Realty Income during the third quarter and first nine months of 2014. C. During the first nine months of 2014, we acquired mortgages payable to third-party lenders of $166.7 million, recorded $604,000 of net premiums, and recorded $901,000 of interest rate swap value to other assets, net, related to property acquisitions. D. During the first nine months of 2014, we applied $48.9 million of loans receivable to the purchase price of five acquired properties. E. Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $4.8 million at September 30, 2014.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2015
Segment Information
Segment Information	19. Segment Information We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our tenants into 48 activity segments. All of the properties are incorporated into one of the applicable segments. Because almost all of our leases require the tenant to pay operating expenses, rental revenue is the only component of segment profit and loss we measure. The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands): September 30, December 31, Assets, as of: Segment net real estate: Apparel $ $ Automotive service Automotive tire services Beverages Child care Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club 30 other non-reportable segments Total segment net real estate Intangible assets: Apparel Automotive service Automotive tire services Beverages Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club Other non-reportable segments Goodwill: Automotive service Automotive tire services Child care Convenience stores Restaurants-casual dining Restaurants-quick service Other non-reportable segments Other corporate assets Total assets $ $ Three months ended Nine months ended September 30, September 30, Revenue Segment rental revenue: Apparel $ $ $ $ Automotive service Automotive tire services Beverages Child care Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club 30 other non-reportable segments Total rental revenue Tenant reimbursements Other revenue Total revenue $ $ $ $

Common Stock Incentive Plan

Common Stock Incentive Plan	9 Months Ended
Common Stock Incentive Plan	Sep. 30, 2015
Common Stock Incentive Plan
Common Stock Incentive Plan	20. 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 stock in Realty Income or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan has a term of ten years from the date it was adopted by our Board of Directors. The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $2.2 million during the third quarter of 2015, $2.2 million during the third quarter of 2014, $7.6 million during the first nine months of 2015 and $7.7 million during the first nine months of 2014. A. Restricted Stock The following table summarizes our common stock grant activity under our 2012 Plan. Our outstanding restricted stock vests over periods ranging from immediately to five years. For the nine months ended For the year ended September 30, 2015 December 31, 2014 Number of Weighted Number of Weighted shares average price (1) shares average price (1) Outstanding nonvested shares, beginning of year $ $ Shares granted $ $ Shares vested ) $ ) $ Shares forfeited ) $ ) $ Outstanding nonvested shares, end of each period $ $ (1) Grant date fair value. During the first nine months of 2015, we issued 154,385 shares of common stock under the 2012 Plan. These shares vest over a five year service period, except for the annual grant of shares to our Board of Directors, totaling 28,000 shares, of which 12,000 shares vested immediately, 8,000 shares vest in one year following the grant (assuming continued service), and 8,000 shares vest over a three year service period. Not included in the table above are 10,269 restricted share units granted during the first nine months of 2015 that vest over a five year service period and have the same economic rights as shares of restricted stock. As of September 30, 2015, the remaining unamortized share-based compensation expense related to restricted stock totaled $15.8 million, which is being amortized on a straight-line basis over the service period of each applicable award. Due to a historically low turnover rate, we do not estimate a forfeiture rate for our nonvested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of our 2012 Plan, we pay non-refundable dividends to the holders of our nonvested shares. Applicable accounting guidance requires that the dividends paid to holders of these nonvested shares be charged as compensation expense to the extent that they relate to nonvested shares that do not or are not expected to vest. However, since we do not estimate forfeitures given our historical trends, we did not record any compensation expense related to dividends paid in the first nine months of 2015 or 2014 . B. Performance Shares During the first nine months o f 2015, and the year ended December 31, 2014, we granted performance share awards, as well as dividend equivalent rights. The number of performance shares that vest is based on the achievement of the following performance goals: 2015 Performance Awards Metrics Weighting Total shareholder return (“TSR”) relative to MSCI US REIT Index TSR relative to NAREIT Freestanding Index Dividend per share growth rate Debt-to-EBITDA ratio 2014 Performance Awards Metrics Weighting TSR relative to MSCI US REIT Index TSR relative to NAREIT Freestanding Index Debt-to-EBITDA ratio The performance shares are earned based on our performance, and vest 50% on the first and second January 1 after the end of the three year performance period, subject to continued service. The performance period for the 2014 performance awards began on January 1, 2014 and will end on December 31, 2016. The performance period for the 2015 performance awards began on January 1, 2015 and will end on December 31, 2017. 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: September 30, 2015 December 31, 2014 Number of Weighted Number of Weighted performance average performance average shares price (1) shares price (1) Outstanding nonvested shares, beginning of year $ - $ - Shares granted $ $ Shares vested - $ - ) $ Shares forfeited - $ - ) $ Outstanding nonvested shares, end of each period $ $ (1) Grant date fair value. As of September 30, 2015, the remaining share-based compensation expense related to the performance shares totaled $3.8 million. The portion related to the market-based awards is being recognized on a straight-line basis over the service period, and the portion related to the performance-based awards is being recognized on a tranche-by-tranche basis over the service period.

Dividend Reinvestment and Stock

Dividend Reinvestment and Stock Purchase Plan	9 Months Ended
Dividend Reinvestment and Stock Purchase Plan	Sep. 30, 2015
Dividend Reinvestment and Stock Purchase Plan
Dividend Reinvestment and Stock Purchase Plan	21. Dividend Reinvestment and Stock Purchase Plan We have a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 26,000,000 common shares to be issued. During the first nine months o f 2015, we issued 7,565,432 shares and raised approximately $360.9 million under the DRSPP. During the first nine months o f 2014, we issued 1,290,872 shares and raised approximately $56.6 million under the DRSPP. From the inception of the DRSPP through September 30, 2015, we have issued 12,656,940 shares and raised approximately $579.5 million. In 2013, we revised our DRSPP to pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. During the first nine months o f 2015, we issued 7,413,207 shares and raised $353.7 million under the waiver approval process. During the first nine months 2014, we issued 1,135,897 shares and raised $50.0 million under the waiver approval process. These shares are included in the total activity for the first nine months o f 2015 and 2014 noted in the preceding paragraph.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	22. Commitments and Contingencies In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations. At September 30, 2015, we had commitments of $2.3 million for re-leasing costs, recurring capital expenditures, and non-recurring building improvements. In addition, as of September 30, 2015, we had committed $58.4 million under construction contracts, which is expected to be paid in the next twelve months.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events
Subsequent Events	23. Subsequent Events In October 2015, we declared the following dividends, which will be paid in November 2015: · $0.1905 per share to our common stockholders and · $0.138021 per share to our Class F preferred stockholders. In October 2015, we issued 11,500,000 shares of common stock, including 1,500,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $22.1 million, a portion of the net proceeds of $517.0 million was used to repay borrowings under our new credit facility and the remaining portion was used for other general corporate purposes, which may include acquisitions.

Summary of Significant Accoun29

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Principles of Consolidation	A. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e., control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments.
Federal Income Taxes	B. We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes.
Accounts Receivable and Allowance for Doubtful Accounts	C. We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay rent, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $607,000 at September 30, 2015 and $765,000 at December 31, 2014.
Goodwill	D. We assign a portion of goodwill to our applicable property sales, which results in a reduction of the carrying amount of our goodwill. In order to allocate goodwill to the carrying amount of properties that we sell, we utilize a relative fair value approach based on the original methodology for assigning goodwill. As we sell properties, our goodwill will likely continue to gradually decrease over time. During our tests for impairment of goodwill during the second quarters of 2015 and 2014, we determined that the estimated fair values of our reporting units exceeded their carrying values. We did not have an impairment on our existing goodwill in 2015 or 2014.
Recent Accounting Pronouncements	E. In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU 2015-03, which amends Topic 835, Other Presentation Matters . The amendments in this ASU require that debt issuance costs be reported on the balance sheet as a direct reduction of the face amount of the debt instrument they relate to, and should not be classified as a deferred charge, as was previously required under the Accounting Standards Codification. ASU 2015-03 is effective, on a retrospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We have not yet adopted this ASU and do not expect it to have a material impact on our consolidated financial statements. In September 2015, FASB, issued ASU 2015-16, which amends Topic 805, Business Combinations . The amendments in this ASU require that we recognize purchase price allocation adjustments that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and eliminate the requirement to retrospectively account for these adjustments. ASU 2015-16 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2015; early adoption is permitted. We have chosen to early adopt ASU 2015-16 for the three- and nine-months ended September 30, 2015 and it did not have a material impact on our consolidated financial statements.

Supplemental Detail for Certa30

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Detail for Certain Components of Consolidated Balance Sheets
Schedule of acquired lease intangible assets, net	A. Acquired lease intangible assets, net, consist of the following September 30, December 31, (dollars in thousands) at: Acquired in-place leases $ $ Accumulated amortization of acquired in-place leases ) ) Acquired above-market leases Accumulated amortization of acquired above-market leases ) ) $ $
Other assets, net	September 30, December 31, B. Other assets, net, consist of the following (dollars in thousands) at: Deferred financing costs, net $ $ Notes receivable issued in connection with property sales Restricted escrow deposits Prepaid expenses Credit facility origination costs, net Impounds related to mortgages payable Corporate assets, net Other items ) $ $
Distributions payable	C. Distributions payable consist of the following declared September 30, December 31, distributions (dollars in thousands) at: Common stock distributions $ $ Preferred stock dividends Noncontrolling interests distributions $ $
Accounts payable and accrued expenses	D. Accounts payable and accrued expenses consist of the September 30, December 31, following (dollars in thousands) at: Notes payable - interest payable $ $ Property taxes payable Accrued costs on properties under development Mortgages, term loans, credit line - interest payable and interest rate swaps Other items $ $
Schedule of acquired lease intangible liabilities, net	E. Acquired lease intangible liabilities, net, consist of the September 30, December 31, following (dollars in thousands) at: Acquired below-market leases $ $ Accumulated amortization of acquired below-market leases ) ) $ $
Other liabilities	F. Other liabilities consist of the following September 30, December 31, (dollars in thousands) at: Rent received in advance $ $ Security deposits Capital lease obligations Preferred units issued upon acquisition of ARCT - $ $

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
Investments in Real Estate (Tables)	Sep. 30, 2015
Investments in Real Estate
Schedule of future impact of above-market, below-market and in-place lease intangibles	The following table presents the estimated impact during the next five years and thereafter related to the amortization of the acquired above-market and below-market lease intangibles and the amortization of the in-place lease intangibles for properties held for investment at September 30, 2015 (in thousands): Net increase Increase to (decrease) to amortization rental revenue expense 2015 $ ) $ 2016 ) 2017 ) 2018 ) 2019 ) Thereafter Totals $ $

Mortgages Payable (Tables)

Mortgages Payable (Tables) - Mortgages Payable	9 Months Ended
Mortgages Payable (Tables) - Mortgages Payable	Sep. 30, 2015
Credit facility
Summary of Mortgages payable	The following is a summary of all our mortgages payable as of September 30, 2015 and December 31, 2014, respectively (dollars in thousands): Weighted Weighted Weighted Average Average Average Stated Effective Remaining Remaining Unamortized Mortgage Number of Interest Interest Years Until Principal Premium Payable As Of Properties (1) Rate (2) Rate (3) Maturity Balance Balance, net Balance 9/30/15 $ $ $ 12/31/14 $ $ $ (1) At September 30, 2015, there were 47 mortgages on 192 properties, while at December 31, 2014, there were 57 mortgages on 241 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $51.0 million at September 30, 2015, including net unamortized discounts. At December 31, 2014, five mortgages on 14 properties totaling $74.5 million, including net unamortized discounts, were at variable interest rates. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes two mortgages totaling $15.5 million at September 30, 2015, and three mortgages totaling $39.1 million at December 31, 2014. (2) Stated interest rates ranged from 2.0% to 6.9% at September 30, 2015 and December 31, 2014. (3) Effective interest rates ranged from 2.2% to 8.9% at September 30, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014.
Schedule of maturity mortgages payable, excluding net premiums	The following table summarizes the maturity of mortgages payable, excluding net premiums of $11.0 million, as of September 30, 2015 (dollars in millions): Year of Maturity 2015 $ 2016 2017 2018 2019 Thereafter Totals $

Notes Payable (Tables)

Notes Payable (Tables) - Note	9 Months Ended
Notes Payable (Tables) - Note	Sep. 30, 2015
Credit facility
Schedule of Notes payable	Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions): September 30, December 31, 5.5% notes, issued in November 2003 and due in November 2015 $ $ 5.95% notes, issued in September 2006 and due in September 2016 5.375% notes, issued in September 2005 and due in September 2017 2.0% notes, issued in October 2012 and due in January 2018 6.75% notes, issued in September 2007 and due in August 2019 5.75% notes, issued in June 2010 and due in January 2021 3.25% notes, issued in October 2012 and due in October 2022 4.65% notes, issued in July 2013 and due in August 2023 3.875% notes, issued in June 2014 and due in July 2024 4.125% notes, issued in September 2014 and due in October 2026 5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035 Total principal amount Unamortized original issuance discounts ) ) $ $
Summary of maturity of notes and bonds payable excluding unamortized original issuance discounts	The following table summarizes the maturity of our notes and bonds payable as of September 30, 2015, excluding unamortized original issuance discounts (dollars in millions): Notes and Year of Maturity Bonds 2015 $ 2016 2017 2018 2019 Thereafter Totals $

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
Noncontrolling Interests (Tables)	Sep. 30, 2015
Noncontrolling Interests.
Schedule of the change in the carrying value of all noncontrolling interests	The following table represents the change in the carrying value of all noncontrolling interests through September 30, 2015 (dollars in thousands): Tau Operating Realty Income, L.P. Partnership units (1) units (2) Total Carrying value at December 31, 2014 $ $ $ Reallocation of equity ) ) Redemptions - ) ) Distributions ) ) ) Allocation of net income Carrying value at September 30, 2015 $ $ $ Tau Operating Realty Income, L.P. Partnership units (1) units (2) Total Carrying value at December 31, 2013 $ $ $ Reallocation of equity - ) ) Redemptions - ) ) Distributions ) ) ) Allocation of net income Carrying value at December 31, 2014 $ $ $ (1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of September 30, 2015 and December 31, 2014. (2) 534,546 Realty Income, L.P. units were issued on June 27, 2013, and 499,546 units were outstanding as of December 31, 2014 and 419,546 remain outstanding as of September 30, 2015.

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2015
Fair Value of Financial Instruments
Schedule of fair value by balance sheet groupings	We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions): Carrying value per Estimated fair At September 30, 2015 balance sheet value Notes receivable issued in connection with property sales $ $ Mortgages payable assumed in connection with acquisitions, net Notes and bonds payable, net of unamortized original issuance discounts Carrying value per Estimated fair At December 31, 2014 balance sheet value Notes receivable issued in connection with property sales $ $ Mortgages payable assumed in connection with acquisitions, net Notes and bonds payable, net of unamortized original issuance discounts

Distributions Paid and Payable

Distributions Paid and Payable (Tables)	9 Months Ended
Distributions Paid and Payable (Tables)	Sep. 30, 2015
Common stock
Issuance of common stock
Schedule of Stock by Class and Dividends Paid or Payable	Month January $ $ February March April May June July August September Total $ $

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
Net Income Per Common Share (Tables)	Sep. 30, 2015
Net Income Per Common Share
Schedule of reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation	Three months ended Nine months ended September 30, September 30, Weighted average shares used for the basic net income per share computation Incremental shares from share-based compensation Weighted average partnership common units convertible to common shares that were dilutive - Weighted average shares used for diluted net income per share computation Unvested shares from share-based compensation that were anti-dilutive Weighted average partnership common units convertible to common shares that were anti-dilutive

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2015
Segment Information
Schedule of reconciliation of assets from segment to consolidated	The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants (dollars in thousands): September 30, December 31, Assets, as of: Segment net real estate: Apparel $ $ Automotive service Automotive tire services Beverages Child care Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club 30 other non-reportable segments Total segment net real estate Intangible assets: Apparel Automotive service Automotive tire services Beverages Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club Other non-reportable segments Goodwill: Automotive service Automotive tire services Child care Convenience stores Restaurants-casual dining Restaurants-quick service Other non-reportable segments Other corporate assets Total assets $ $
Schedule of reconciliation of revenue from segments to consolidated	Three months ended Nine months ended September 30, September 30, Revenue Segment rental revenue: Apparel $ $ $ $ Automotive service Automotive tire services Beverages Child care Convenience stores Dollar stores Drug stores Financial services Grocery stores Health and fitness Health care Home improvement Restaurants-casual dining Restaurants-quick service Theaters Transportation services Wholesale club 30 other non-reportable segments Total rental revenue Tenant reimbursements Other revenue Total revenue $ $ $ $

Common Stock Incentive Plan (Ta

Common Stock Incentive Plan (Tables)	9 Months Ended
Common Stock Incentive Plan (Tables)	Sep. 30, 2015
Restricted Stock
Summary of common stock grant activity under the 2012 Plan	For the nine months ended For the year ended September 30, 2015 December 31, 2014 Number of Weighted Number of Weighted shares average price (1) shares average price (1) Outstanding nonvested shares, beginning of year $ $ Shares granted $ $ Shares vested ) $ ) $ Shares forfeited ) $ ) $ Outstanding nonvested shares, end of each period $ $ (1) Grant date fair value.
Performance shares
Summary of common stock grant activity under the 2012 Plan	September 30, 2015 December 31, 2014 Number of Weighted Number of Weighted performance average performance average shares price (1) shares price (1) Outstanding nonvested shares, beginning of year $ - $ - Shares granted $ $ Shares vested - $ - ) $ Shares forfeited - $ - ) $ Outstanding nonvested shares, end of each period $ $ (1) Grant date fair value.
Schedule of number of performance shares that vest based on the achievement of performance goals	2015 Performance Awards Metrics Weighting Total shareholder return (“TSR”) relative to MSCI US REIT Index TSR relative to NAREIT Freestanding Index Dividend per share growth rate Debt-to-EBITDA ratio 2014 Performance Awards Metrics Weighting TSR relative to MSCI US REIT Index TSR relative to NAREIT Freestanding Index Debt-to-EBITDA ratio

Management Statement (Details)

Management Statement (Details) ft² in Millions	Sep. 30, 2015ft²item
Management Statement
Properties owned	4,473
Number of U.S. states where properties are owned	49
Leasable square feet \| ft²	74.8

Summary of Significant Accoun41

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements
Allowance for doubtful accounts	$ 607,000	$ 765,000

Supplemental Detail for Certa42

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Acquired lease intangible assets, net
Acquired in-place leases	$ 1,046,040	$ 1,005,244
Accumulated amortization of acquired in-place leases	(242,183)	(177,722)
Acquired above-market leases	296,196	252,581
Accumulated amortization of acquired above-market leases	(56,499)	(40,379)
Acquired lease intangible assets	$ 1,043,554	$ 1,039,724

Supplemental Detail for Certa43

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other assets, net
Deferred financing costs, net	$ 21,428	$ 23,274
Notes receivable issued in connection with property sales	18,040	18,342
Restricted escrow deposits	17,437	36,540
Prepaid expenses	13,292	14,137
Impounds related to mortgages payable	5,093	5,789
Corporate assets, net	2,188	2,600
Other items	(176)	2,797
Total other assets	88,281	107,650
Credit Facility
Other assets, net
Credit facility origination costs, net	$ 10,979	$ 4,171

Supplemental Detail for Certa44

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Distributions payable
Declared distributions	$ 47,844	$ 43,675
Noncontrolling interests
Distributions payable
Declared distributions	140	150
Common stock
Distributions payable
Declared distributions	45,447	41,268
Preferred stock
Distributions payable
Declared distributions	$ 2,257	$ 2,257

Supplemental Detail for Certa45

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Details 4) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts payable and accrued expenses
Property taxes payable	$ 19,181	$ 11,634
Accrued costs on properties under development	11,944	18,011
Other items	20,770	25,154
Total accounts payable and accrued expenses	97,219	123,287
Acquired lease intangible liabilities, net
Acquired below-market leases	274,739	243,025
Accumulated amortization of acquired below-market leases	(33,611)	(22,556)
Acquired lease intangible liabilities	241,128	220,469
Other liabilities
Rent received in advance	26,313	36,122
Security deposits	6,051	5,876
Capital lease obligations	4,629	4,397
Preferred units issued upon acquisition of ARCT		6,750
Total other liabilities	36,993	53,145
Note
Accounts payable and accrued expenses
Notes payable - interest payable	33,987	63,919
Mortgages, term loans, credit line
Accounts payable and accrued expenses
Mortgages, term loans, credit line - interest payable and interest rate swaps	$ 11,337	$ 4,569

Investments in Real Estate (Det

Investments in Real Estate (Details) ft² in Millions	3 Months Ended		9 Months Ended
Investments in Real Estate (Details) ft² in Millions	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)ft²	Sep. 30, 2015USD ($)ft²item	Sep. 30, 2014USD ($)ft²item
Real estate properties
Leasable square feet \| ft²	74.8		74.8
Premiums recorded upon acquisition of mortgages				$ 604,000
Number of investments in properties that caused any tenant to be 10% of more of total assets \| item			0
Mortgages acquired				166,700,000
Contingent consideration associated with acquisition	$ 0	$ 0	$ 0	0
Total revenue	258,889,000	235,713,000	759,617,000	685,932,000
Income from continuing operations	67,813,000	$ 73,627,000	201,744,000	190,766,000
In-place lease, depreciation and amortization to expense			65,500,000	62,100,000
Net (Increase) Decrease to Rental Income for Capitalized above Market and below Market Leases			5,800,000	6,400,000
Net increase (decrease) to rental revenue
2,015	(2,090,000)		(2,090,000)
2,016	(8,353,000)		(8,353,000)
2,017	(8,296,000)		(8,296,000)
2,018	(8,049,000)		(8,049,000)
2,019	(7,059,000)		(7,059,000)
Thereafter	35,278,000		35,278,000
Totals	1,431,000		1,431,000
Increase to amortization expense
2,015	22,242,000		22,242,000
2,016	88,878,000		88,878,000
2,017	87,689,000		87,689,000
2,018	85,194,000		85,194,000
2,019	75,130,000		75,130,000
Thereafter	444,724,000		444,724,000
Totals	$ 803,857,000		$ 803,857,000
Maximum
Real estate properties
Investments to any one tenant as a percentage of total assets			10.00%
New properties and properties under development
Real estate properties
Real estate acquired			$ 1,100,000,000	$ 1,240,000,000
Number of properties \| item			195	439
Initial weighted average contractual lease rate of properties acquired (as a percent)			6.50%	7.10%
Number of states in which properties are located \| item			36	42
Leasable square feet \| ft²	5.1	8.5	5.1	8.5
Leased area (as a percent)	100.00%	100.00%	100.00%	100.00%
Weighted average lease term			16 years 8 months 12 days	12 years 7 months 6 days
Number of industries in which tenants operate \| item			18	27
Acquisition transaction costs			$ 368,000	$ 589,000
New properties and properties under development \| Retail properties
Real estate properties
Property type- percentage of properties acquired			87.00%	85.60%
New properties and properties under development \| Office properties
Real estate properties
Property type- percentage of properties acquired				7.20%
New properties and properties under development \| Industrial and distribution properties
Real estate properties
Property type- percentage of properties acquired			13.00%	7.20%
Properties under development or expansion
Real estate properties
Number of properties \| item			30	32
Initial weighted average contractual lease rate of properties acquired (as a percent)			9.90%	8.50%
Investments in properties			$ 37,100,000	$ 69,000,000
Aggregate acquisitions
Real estate properties
Real estate acquired			1,100,000,000	1,240,000,000
Premiums recorded upon acquisition of mortgages				604,000
Land recorded related to acquisition			214,800,000	240,100,000
Buildings and improvements recorded			780,800,000	861,900,000
Intangible assets related to leases recorded			86,600,000	202,000,000
Other assets recorded				901,000
Intangible liabilities related to leases and other assumed liabilities recorded			27,200,000	60,500,000
Mortgages acquired				166,700,000
Total revenue			25,300,000	47,300,000
Income from continuing operations			12,600,000	19,200,000
Amount of investment allocated by estimate			117,200,000
Amount of investment previously allocated by estimate finalized during the period			147,100,000
Investments in Existing Properties
Real estate properties
Total capitalized costs on existing properties	$ 5,900,000	$ 4,500,000	5,900,000	4,500,000
Re-leasing costs and real estate improvements included in capitalized costs on existing properties			555,000
Recurring Capital Expenditures Real Estate Improvements			3,800,000
Nonrecurring Building Real Estate Improvements			1,500,000
Real estate investments with existing leases
Real estate properties
Real estate acquired			$ 304,200,000	$ 949,600,000
Number of properties \| item			47	180

Credit Facility (Details)

Credit Facility (Details) $ in Thousands	9 Months Ended
Credit Facility (Details) $ in Thousands	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Credit facility
Outstanding balance	$ 439,000			$ 223,000
Credit Facility
Credit facility
Maximum borrowing capacity		$ 1,500,000		1,500,000
Credit Facility \| Unsecured debt
Credit facility
Maximum borrowing capacity			$ 2,000,000
Number of extensions available \| item	2
Term of extension option	6 months
Variable reference rate	LIBOR
Variable interest rate, basis points spread over variable reference rate (as a percent)	0.90%
Line of credit facility, commitment fee basis points (as a percent)	0.15%
Line of credit facility, all-in drawn variable interest rate (as a percent)	1.05%
Unamortized debt issuance costs	$ 11,000
Credit facility origination costs incurred	9,100
Current borrowing capacity available	1,560,000
Outstanding balance	$ 439,000			$ 223,000
Average borrowing rate during the period (as a percent)	1.20%	1.20%
Effective interest rate (as a percent)	1.30%
Increase in the maximum borrowing capacity after amendment	$ 1,000,000

Mortgages Payable (Details)

Mortgages Payable (Details)	9 Months Ended		12 Months Ended
Mortgages Payable (Details)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item	Dec. 31, 2014USD ($)item
Debt instrument
Assumed mortgages payable		$ 166,700,000
Net premiums recorded upon acquisition of mortgages		604,000
Mortgage Payable Balance	$ 706,141,000		$ 852,575,000
Maturity mortgages payable, excluding net premiums
2,015	150,000,000
2,016	275,000,000
2,017	175,000,000
2,018	350,000,000
2,019	550,000,000
Thereafter	2,300,000,000
Totals	$ 3,800,000,000
Minimum
Debt instrument
Weighted Average Stated Interest Rate (as a percent)	2.00%		2.00%
Weighted Average Effective Interest Rate (as a percent)	2.20%		2.20%
Maximum
Debt instrument
Weighted Average Stated Interest Rate (as a percent)	6.90%		6.90%
Weighted Average Effective Interest Rate (as a percent)	8.90%		9.00%
Mortgages Payable
Debt instrument
Net premiums recorded upon acquisition of mortgages		604,000
Deferred financing costs incurred	$ 619,000		$ 827,000
Number of Properties \| item	192		241
Weighted Average Stated Interest Rate (as a percent)	4.90%		5.00%
Weighted Average Effective Interest Rate (as a percent)	4.00%		4.00%
Weighted Average Remaining Years Until Maturity	3 years 7 months 6 days		3 years 8 months 12 days
Principal Balance	$ 695,186,000		$ 836,011,000
Unamortized Premium Balance	10,955,000		16,564,000
Mortgage Payable Balance	$ 706,141,000		$ 852,575,000
Number of mortgages \| item	47		57
Number of properties with mortgages \| item	192		241
Maturity mortgages payable, excluding net premiums
2,015	$ 1,900,000
2,016	225,600,000
2,017	142,700,000
2,018	15,300,000
2,019	26,200,000
Thereafter	283,500,000
Totals	695,200,000
Amount repaid	$ 140,800,000	$ 77,600,000
Mortgages repaid in full
Maturity mortgages payable, excluding net premiums
Number of mortgages repaid \| item	10	5
Amount repaid	$ 135,300,000	$ 72,000,000
Variable rate mortgages
Debt instrument
Principal Balance	$ 51,000,000		$ 74,500,000
Number of mortgages \| item	4		5
Number of properties with mortgages \| item	13		14
Variable Rate Mortgages After Interest Rate Arrangements
Debt instrument
Principal Balance	$ 15,500,000		$ 39,100,000
Number of mortgages \| item	2		3

Term Loans (Details)

Term Loans (Details) - USD ($)	1 Months Ended		9 Months Ended
Term Loans (Details) - USD ($)	Jun. 30, 2015	Jan. 31, 2013	Sep. 30, 2015	Dec. 31, 2014
Credit facility
Term loans			$ 320,000,000	$ 70,000,000
Unsecured debt
Credit facility
Term loans	$ 250,000,000	$ 70,000,000
Variable reference rate	one month LIBOR	one month LIBOR
Variable interest rate, basis points spread over variable reference rate (as a percent)	0.95%	1.20%
Maximum interest rate (as a percent)	2.67%	2.15%
Deferred finance costs			1,200,000	$ 187,000
$250 million senior unsecured term loan
Credit facility
Deferred financing costs incurred			1,200,000
$70 million senior unsecured term loan
Credit facility
Deferred financing costs incurred			$ 303,000

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Debt instrument
Total principal amount			$ 3,800,000	$ 3,800,000
Unamortized original issuance discounts			(14,000)	(15,000)
Notes payable, net			3,786,408	3,785,372
Proceeds from Issuance of Debt			250,000
Maturity of notes and bonds payable
2,015			150,000
2,016			275,000
2,017			175,000
2,018			350,000
2,019			550,000
Thereafter			2,300,000
Totals			3,800,000
5.5% notes, issued in November 2003 and due in November 2015
Debt instrument
Total principal amount			$ 150,000	$ 150,000
Interest rate (as a percent)			5.50%	5.50%
5.95% notes, issued in September 2006 and due in September 2016
Debt instrument
Total principal amount			$ 275,000	$ 275,000
Interest rate (as a percent)			5.95%	5.95%
5.375% notes, issued in September 2005 and due in September 2017
Debt instrument
Total principal amount			$ 175,000	$ 175,000
Interest rate (as a percent)			5.375%	5.375%
2.0% notes, issued in October 2012 and due in January 2018
Debt instrument
Total principal amount			$ 350,000	$ 350,000
Interest rate (as a percent)			2.00%	2.00%
6.75% notes, issued in September 2007 and due in August 2019
Debt instrument
Total principal amount			$ 550,000	$ 550,000
Interest rate (as a percent)			6.75%	6.75%
5.75% notes, issued in June 2010 and due in January 2021
Debt instrument
Total principal amount			$ 250,000	$ 250,000
Interest rate (as a percent)			5.75%	5.75%
3.25% notes, issued in October 2012 and due in October 2022
Debt instrument
Total principal amount			$ 450,000	$ 450,000
Interest rate (as a percent)			3.25%	3.25%
4.65% notes, issued in July 2013 and due in August 2023
Debt instrument
Total principal amount			$ 750,000	$ 750,000
Interest rate (as a percent)			4.65%	4.65%
3.875% notes, issued in June 2014 and due in July 2024
Debt instrument
Total principal amount		$ 350,000	$ 350,000	$ 350,000
Interest rate (as a percent)		3.875%	3.875%	3.875%
Percentage price paid to the investor		99.956%
Effective yield (as a percent)		3.88%
Proceeds from Issuance of Debt		$ 346,700
4.125% notes, issued in September 2014 and due in October 2026
Debt instrument
Total principal amount	$ 250,000		$ 250,000	$ 250,000
Interest rate (as a percent)	4.125%		4.125%	4.125%
Percentage price paid to the investor	99.499%
Effective yield (as a percent)	4.178%
Proceeds from Issuance of Debt	$ 246,400
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
Debt instrument
Total principal amount			$ 250,000	$ 250,000
Interest rate (as a percent)			5.875%	5.875%
5.875% bonds, issued in March 2005 and due in March 2035
Debt instrument
Issuance of Debt			$ 100,000	$ 100,000
5.875% bonds, issued in June 2011 and due in March 2035
Debt instrument
Issuance of Debt			$ 150,000	$ 150,000
Notes and bonds payable
Debt instrument
Weighted average interest rate			4.80%
Weighted average remaining years until maturity			6 years 6 months

Redemption of Preferred Stock (

Redemption of Preferred Stock (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / shares	Sep. 30, 2014USD ($)$ / shares
Excess of redemption value over carrying value of preferred shares subject to redemption		$ 6,015	$ 6,015
Class E Cumulative Redeemable Preferred Stock
Preferred stock redeemed (in shares) \| shares	8.8
Preferred stock, dividend rate (as a percent)	6.75%
Preferred stock, redemption price per share (in dollars per share) \| $ / shares	$ 25	$ 25	$ 25
Excess of redemption value over carrying value of preferred shares subject to redemption	$ 6,000

Issuance of Common Stock (Detai

Issuance of Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
Issuance of Common Stock (Details) - USD ($) $ in Thousands	Apr. 30, 2015	Apr. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Issuance of common stock
Net proceeds from issuance of common shares			$ 276,430	$ 528,615
Common stock
Issuance of common stock
Shares issued	5,500,000	13,800,000
Common stock purchased by the underwriters (in shares)		1,800,000
Underwriting discounts and offering costs	$ 1,400	$ 22,800
Net proceeds from issuance of common shares	$ 276,400	$ 528,600

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)shares	Jun. 27, 2013shares	Jan. 22, 2013shares
Noncontrolling interests
Conversion ratio				1
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 27,698			$ 27,698	$ 35,911	$ 35,911
Reallocation of equity				(1,051)		(6,647)
Redemptions				(2,121)		(1,032)
Distributions				(1,257)		(1,839)
Allocation of net income		$ 338	$ 344	919	1,016	1,305
Carrying value at end of the period		$ 24,188		$ 24,188		27,698
Carrying value of preferred units						6,750
Tau Operating Partnership, L.P.
Noncontrolling interests
Realty Income partnership units, ownership interest (as a percent)		99.40%		99.40%
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 13,067			$ 13,067	13,489	13,489
Reallocation of equity				836
Distributions				(541)		(695)
Allocation of net income				195		273
Carrying value at end of the period		$ 13,557		$ 13,557		$ 13,067
Units held by third party \| shares		317,022		317,022		317,022		317,022
Payment rate per annum (as a percent)						2.00%
Partnership preferred units redeemed (in shares) \| shares	6,750
Partnership preferred units redemption price (in dollars per unit) \| $ / shares	$ 1,000
Realty Income, L.P.
Noncontrolling interests
Third party partnership units, ownership interest (as a percent)		1.70%		1.70%
Realty Income partnership units, ownership interest (as a percent)		98.30%		98.30%
Change in the carrying value of all noncontrolling interests
Carrying value at beginning of the period	$ 14,631			$ 14,631	$ 22,422	$ 22,422
Reallocation of equity				(1,887)		(6,647)
Redemptions				(2,121)		(1,032)
Distributions				(716)		(1,144)
Allocation of net income				724		1,032
Carrying value at end of the period		$ 10,631		$ 10,631		$ 14,631
Units held by third party \| shares		419,546		419,546		499,546	534,546

Fair Value of Financial Instr54

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying value per balance sheet
Fair value of financial assets and liabilities
Notes receivable issued in connection with property sales	$ 18	$ 18.3
Mortgages payable assumed in connection with acquisitions, net	706.1	852.6
Notes and bonds payable, net of unamortized original issuance discounts	3,786.4	3,785.4
Estimated fair value
Fair value of financial assets and liabilities
Notes receivable issued in connection with property sales	19.7	20.1
Mortgages payable assumed in connection with acquisitions, net	713.4	857.9
Notes and bonds payable, net of unamortized original issuance discounts	$ 4,001	$ 4,092.8

Gain on Sales of Real Estate (D

Gain on Sales of Real Estate (Details)	3 Months Ended		9 Months Ended
Gain on Sales of Real Estate (Details)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item
Sales of investment properties
Sales proceeds				$ 6,918,000
Income from discontinued operations				$ 3,097,000
New properties and properties under development
Sales of investment properties
Number of properties sold \| item	8	11	22	28
Sales proceeds	$ 21,500,000	$ 33,800,000	$ 52,000,000	$ 53,600,000
Gain on sales of investment properties	$ 6,200,000	$ 11,000,000	$ 17,100,000	16,800,000
Income from discontinued operations				$ 2,600,000
New properties and properties under development \| Crest Net Lease, Inc. (Crest)
Sales of investment properties
Number of properties sold \| item				1
Sales proceeds				$ 820,000

Discontinued Operations (Detail

Discontinued Operations (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2014USD ($)$ / shares
Income from discontinued operations
Income from discontinued operations \| $	$ 3,097
Per common share, basic and diluted (in dollars per share)	$ 0.01

Impairments (Details)

Impairments (Details)	3 Months Ended		9 Months Ended
Impairments (Details)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item
Impairments
Provisions for impairment \| $	$ 3,900,000	$ 495,000	$ 9,200,000	$ 2,700,000
Number of impaired properties sold	2	4	4	9
Number of impaired properties held-for-sale	1		4
Number of impaired properties held-for-investment	1		3
Number of impaired properties disposed from other than sale			1
Pet supplies and services industry
Impairments
Number of properties impaired	1		1
Restaurants - casual dining industry
Impairments
Number of properties impaired	3	1	9	4
Consumer electronics
Impairments
Number of properties impaired				1
Home furnishings
Impairments
Number of properties impaired				1
Home improvement
Impairments
Number of properties impaired		2		2
Convenience stores
Impairments
Number of properties impaired		1		1
Health and fitness
Impairments
Number of properties impaired			1
Other non-reportable segments
Impairments
Number of properties impaired			1

Distributions Paid and Payabl58

Distributions Paid and Payable (Details) $ / shares in Units, $ in Millions	1 Months Ended																		9 Months Ended
	Sep. 30, 2015$ / shares	Aug. 31, 2015$ / shares	Jul. 31, 2015$ / shares	Jun. 30, 2015$ / shares	May. 31, 2015$ / shares	Apr. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Feb. 28, 2015$ / shares	Jan. 31, 2015$ / shares	Sep. 30, 2014$ / shares	Aug. 31, 2014$ / shares	Jul. 31, 2014$ / shares	Jun. 30, 2014$ / shares	May. 31, 2014$ / shares	Apr. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Feb. 28, 2014$ / shares	Jan. 31, 2014$ / shares	Sep. 30, 2015USD ($)item$ / shares	Sep. 30, 2014USD ($)item$ / shares	Oct. 31, 2014$ / shares
Common stock
Issuance of common stock
Dividends paid per common share (in dollars per share)	$ 0.1900000	$ 0.1900000	$ 0.1900000	$ 0.1895000	$ 0.1895000	$ 0.1895000	$ 0.1890000	$ 0.1890000	$ 0.1834167	$ 0.1827917	$ 0.1827917	$ 0.1827917	$ 0.1824792	$ 0.1824792	$ 0.1824792	$ 0.1821667	$ 0.1821667	$ 0.1821667	$ 1.6999167	$ 1.6423128
Monthly distributions payable (in dollars per share)	0.1905																		$ 0.1905
Class E Cumulative Redeemable Preferred Stock
Issuance of common stock
Cumulative distribution rate (as percent)										6.75%
Monthly distributions payable (in dollars per share)																					$ 0.140625
Period for which dividends are paid \| item																				6
Dividends paid per preferred share (in dollars per share)																				$ 1.265625
Preferred stock dividends paid \| $																				$ 11.1
Class F Cumulative Redeemable Preferred Stock
Issuance of common stock
Cumulative distribution rate (as percent)																			6.625%
Liquidation preference (in dollars per share)	25																		$ 25
Liquidation preference amount equivalent to rate (in dollars per share)																			1.65625
Monthly distributions payable (in dollars per share)	$ 0.138021																		$ 0.138021
Period for which dividends are paid \| item																			9	9
Dividends paid per preferred share (in dollars per share)																			$ 1.242189	$ 1.242189
Preferred stock dividends paid \| $																			$ 20.3	$ 20.3

Net Income Per Common Share (De

Net Income Per Common Share (Details) - shares	3 Months Ended		9 Months Ended
Net Income Per Common Share (Details) - shares	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income Per Common Share
Weighted average shares used for the basic net income per share computation	236,211,706	222,061,661	231,434,521	216,804,815
Incremental shares from share-based compensation	211,214	174,410	111,224	25,198
Weighted average shares used for diluted net income per share computation	236,739,942	222,236,071	231,862,767	217,147,035
Unvested Shares
Net Income Per Common Share
Unvested shares from share-based compensation that were anti-dilutive	132,948	45,654	107,879	58,654
Convertible Partnership Units
Net Income Per Common Share
Weighted average partnership common units convertible to common shares that were dilutive	317,022		317,022	317,022
Unvested shares from share-based compensation that were anti-dilutive	419,546	841,568	426,469	529,381

Supplemental Disclosures of C60

Supplemental Disclosures of Cash Flow Information (Details)	3 Months Ended	9 Months Ended
Supplemental Disclosures of Cash Flow Information (Details)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)item
Supplemental Disclosures of Cash Flow Information
Loans receivable			$ 48,900,000
Number of acquired properties \| item			5
Cash paid for interest		$ 201,400,000	$ 183,100,000
Interest capitalized to properties under development		463,000	383,000
Cash paid for income taxes		$ 3,100,000	3,500,000
Non-cash investing and financing activities
Excess of redemption value over carrying value of preferred shares redeemed	$ 6,015,000		6,015,000
Loans Acquired			166,700,000
Net premiums recorded upon acquisition of mortgages			604,000
Interest rate swap agreement acquired			901,000
Increase in buildings and improvements and accounts payable			$ 4,800,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2015USD ($)segment	Dec. 31, 2014USD ($)segment
Segment Information
Number of activity segments \| segment	48	48
Reconciliation of assets from segment to consolidated
Net real estate	$ 10,509,311	$ 9,781,540
Goodwill	15,372	15,470
Other corporate assets	170,332	175,888
Total assets	11,738,569	11,012,622
Apparel
Reconciliation of assets from segment to consolidated
Net real estate	181,049	185,237
Intangible assets	49,198	52,445
Automotive service
Reconciliation of assets from segment to consolidated
Net real estate	130,860	120,948
Intangible assets	19,431	2,909
Goodwill	448	451
Automotive tire services
Reconciliation of assets from segment to consolidated
Net real estate	249,279	255,447
Intangible assets	13,619	14,871
Goodwill	865	865
Beverages
Reconciliation of assets from segment to consolidated
Net real estate	298,793	302,001
Intangible assets	2,603	2,797
Child care
Reconciliation of assets from segment to consolidated
Net real estate	52,697	54,194
Goodwill	5,053	5,095
Convenience stores
Reconciliation of assets from segment to consolidated
Net real estate	733,545	752,047
Intangible assets	16,414	17,535
Goodwill	2,020	2,023
Dollar stores
Reconciliation of assets from segment to consolidated
Net real estate	1,139,714	1,165,560
Intangible assets	54,675	58,691
Drug stores
Reconciliation of assets from segment to consolidated
Net real estate	1,344,565	1,036,697
Intangible assets	191,900	194,905
Financial services
Reconciliation of assets from segment to consolidated
Net real estate	255,915	262,095
Intangible assets	35,860	39,564
Grocery stores
Reconciliation of assets from segment to consolidated
Net real estate	334,031	341,773
Intangible assets	43,861	46,964
Health and fitness
Reconciliation of assets from segment to consolidated
Net real estate	836,062	546,583
Intangible assets	64,469	66,460
Health care
Reconciliation of assets from segment to consolidated
Net real estate	221,642	227,084
Intangible assets	31,217	35,017
Home improvement
Reconciliation of assets from segment to consolidated
Net real estate	268,609	226,577
Intangible assets	43,933	35,726
Restaurants-casual dining
Reconciliation of assets from segment to consolidated
Net real estate	426,261	448,484
Intangible assets	9,706	10,649
Goodwill	2,232	2,279
Restaurants-quick service
Reconciliation of assets from segment to consolidated
Net real estate	405,802	336,753
Intangible assets	25,105	16,415
Goodwill	1,085	1,085
Theaters
Reconciliation of assets from segment to consolidated
Net real estate	369,280	375,982
Intangible assets	18,635	21,600
Transportation services
Reconciliation of assets from segment to consolidated
Net real estate	690,809	661,053
Intangible assets	95,854	101,040
Wholesale club
Reconciliation of assets from segment to consolidated
Net real estate	455,814	465,569
Intangible assets	37,088	39,707
Other non-reportable segments
Reconciliation of assets from segment to consolidated
Net real estate	2,114,584	2,017,456
Intangible assets	289,986	282,429
Goodwill	$ 3,669	$ 3,672
Number of non-reportable segments \| segment	30	30

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment revenue information
Rental revenue	$ 247,578	$ 226,832	$ 724,131	$ 662,822
Tenant reimbursements	10,187	8,275	31,757	20,872
Other revenue	1,124	606	3,729	2,238
Total revenue	258,889	235,713	759,617	685,932
Apparel
Segment revenue information
Rental revenue	4,961	4,849	14,825	12,780
Automotive service
Segment revenue information
Rental revenue	4,690	4,040	13,806	12,466
Automotive tire services
Segment revenue information
Rental revenue	7,132	6,995	21,503	21,175
Beverages
Segment revenue information
Rental revenue	6,397	6,321	19,054	18,827
Child care
Segment revenue information
Rental revenue	5,019	4,990	14,901	14,974
Convenience stores
Segment revenue information
Rental revenue	22,638	22,592	67,770	67,221
Dollar stores
Segment revenue information
Rental revenue	22,086	21,875	65,976	63,074
Drug stores
Segment revenue information
Rental revenue	27,320	21,269	75,744	62,673
Financial services
Segment revenue information
Rental revenue	4,260	4,248	12,787	12,572
Grocery stores
Segment revenue information
Rental revenue	7,441	7,236	22,323	19,981
Health and fitness
Segment revenue information
Rental revenue	21,238	15,764	54,649	46,078
Health care
Segment revenue information
Rental revenue	4,012	4,017	12,045	12,022
Home improvement
Segment revenue information
Rental revenue	6,155	4,796	16,839	10,650
Restaurants-casual dining
Segment revenue information
Rental revenue	9,426	9,551	28,245	28,878
Restaurants-quick service
Segment revenue information
Rental revenue	9,961	7,933	29,940	24,530
Theaters
Segment revenue information
Rental revenue	12,288	11,899	36,765	34,975
Transportation services
Segment revenue information
Rental revenue	12,573	11,598	37,775	34,383
Wholesale club
Segment revenue information
Rental revenue	9,341	9,250	28,024	27,247
Other non-reportable segments
Segment revenue information
Rental revenue	$ 50,640	$ 47,609	$ 151,160	$ 138,316

Common Stock Incentive Plan (De

Common Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Plan disclosures
Share-based compensation costs recognized	$ 2.2	$ 2.2	$ 7.6	$ 7.7
Additional disclosures
Remaining unamortized share-based compensation expense	$ 15.8		$ 15.8
Non-employee director
Number of shares
Shares granted			28,000
Additional disclosures
Shares granted			28,000
Granted shares that vest immediately	12,000		12,000
Granted Shares that Vest over one Year Service Period	8,000		8,000
Granted shares that vest over three year service period	8,000		8,000
Restricted Stock
Number of shares
Outstanding nonvested shares, beginning of year			527,176	722,263	722,263
Shares granted			154,385		262,655
Shares vested			(165,199)		(440,348)
Shares forfeited			(24,738)		(17,394)
Outstanding nonvested shares, end of each period	491,624		491,624		527,176
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)			$ 29.02	$ 23.37	$ 23.37
Shares granted (in dollars per share)			50.88		39.87
Shares vested (in dollars per share)			36.71		36.88
Shares forfeited (in dollars per share)			44.86		39.07
Outstanding nonvested shares, end of each period (in dollars per share)	$ 32.07		$ 32.07		$ 29.02
Additional disclosures
Shares granted			154,385		262,655
Vesting period			5 years
Performance shares
Number of shares
Outstanding nonvested shares, beginning of year			59,405
Shares granted			55,716		71,705
Shares vested					(4,067)
Shares forfeited					(8,233)
Outstanding nonvested shares, end of each period	115,121		115,121		59,405
Weighted average price
Outstanding nonvested shares, beginning of year (in dollars per share)			$ 41.46
Shares granted (in dollars per share)			52.78		$ 41.46
Shares vested (in dollars per share)					41.46
Shares forfeited (in dollars per share)					41.46
Outstanding nonvested shares, end of each period (in dollars per share)	$ 46.94		$ 46.94		$ 41.46
Additional disclosures
Shares granted			55,716		71,705
Remaining unamortized share-based compensation expense	$ 3.8		$ 3.8
Awards vesting on the first and second January1 after the end of the three year performance period (as a percent)			50.00%
Number of performance shares that vest based on the achievement of performance goals
Total award value relative to the MSCI US REIT Index (as a percent)			50.00%		60.00%
TSR relative to NAREIT Freestanding Index (as a percent)			20.00%		20.00%
Dividend per share growth rate (as a percent)			20.00%
Debt-to-EBITDA ratio (as a percent)			10.00%		20.00%
Restricted Stock Units
Number of shares
Shares granted			10,269
Additional disclosures
Shares granted			10,269
Vesting period			5 years
2012 Plan
Plan disclosures
Plan term from the date of adoption			10 years
2012 Plan \| Maximum
Plan disclosures
Authorized shares	3,985,734		3,985,734

Dividend Reinvestment and Sto64

Dividend Reinvestment and Stock Purchase Plan (Details) - USD ($) $ in Millions	9 Months Ended		55 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Dividend Reinvestment and Stock Purchase Plan
Authorized common shares to be issued	26,000,000
Number of common shares issued	7,565,432	1,290,872	12,656,940
Amount raised from shares issued	$ 360.9	$ 56.6	$ 579.5
Number of common shares issued under the waiver approval process	7,413,207	1,135,897
Amount raised from share issued under the waiver approval process	$ 353.7	$ 50

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies.
Amount of commitments for re-leasing costs, recurring capital expenditures and non-recurring building improvements	$ 2.3
Amount of commitments for construction contracts, which is expected to be paid in next twelve months	$ 58.4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended
	Oct. 31, 2015	Apr. 30, 2015	Apr. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent events
Net proceeds from issuance of common shares				$ 276,430	$ 528,615
Common stock
Subsequent events
Shares issued (in shares)		5,500,000	13,800,000
Common stock purchased by the underwriters (in shares)			1,800,000
Underwriting discounts and other offering costs		$ 1,400	$ 22,800
Net proceeds from issuance of common shares		$ 276,400	$ 528,600
Subsequent event \| Common stock
Subsequent events
Common stock, dividends declared (in dollars per share)	$ 0.1905
Shares issued (in shares)	11,500,000
Common stock purchased by the underwriters (in shares)	1,500,000
Underwriting discounts and other offering costs	$ 22,100
Net proceeds from issuance of common shares	$ 517,000
Subsequent event \| Class F Cumulative Redeemable Preferred Stock
Subsequent events
Preferred stock, dividends declared (in dollars per share)	$ 0.138021