Commitments and Contingencies (Table)

12 Months Ended

Dec. 31, 2014

Schedule of minimum future rental payments under operating leases

At December 31, 2014, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):

	Ground Leases			Ground Leases
	Paid by			Paid by
	Realty Income		(1)	Our Tenants		(2)	Total
2015	$	1.0		$	12.7		$	13.7
2016	1.0			12.7			13.7
2017	1.0			12.8			13.8
2018	1.0			12.8			13.8
2019	0.9			12.7			13.6
Thereafter	8.4			131.9			140.3
Total	$	13.3		$	195.6		$	208.9

(1) Realty Income currently pays the ground lessors directly for the rent under the ground leases.

(2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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