Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 31, 2012

Supplemental Disclosures of Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information

15.    Supplemental Disclosures of Cash Flow Information

Interest paid was $50.5 million in the first three months of 2012 and was $44.9 million in the first three months of 2011.

Interest capitalized to properties under development was $145,000 in the first three months of 2012 and was $71,000 in the first three months of 2011.

Income taxes paid were $588,000 in the first three months of 2012 and were $834,000 in the first three months of 2011.

The following non-cash investing and financing activities are included in the accompanying consolidated financial statements:

A.  Share-based compensation expense was $3.0 million for the first three months of 2012 and was $2.2 million for the first three months of 2011.

B.  Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $2.8 million at March 31, 2012, and $951,000 at March 31, 2011.

C.  In 2011, we entered into loan agreements to fund development of real estate.  Accrued loans receivable resulted in an increase in other assets of $421,000 at March 31, 2012.

D.  See note 12 for a discussion of impairments recorded by Realty Income in discontinued operations, for the first three months of 2011.