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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Minimum Future Rental Payments | We have certain properties that are subject to ground leases which are accounted for as operating leases. At June 30, 2019, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):
|  | Ground Leases Paid by Realty Income (1) |  | Ground Leases Paid by Our Tenants (2) |  | Total |
2019 |  | $ | 0.8 |  |  | $ | 6.8 |  |  | $ | 7.6 |
2020 |  | 1.5 |  |  | 13.5 |  |  | 15.0 |
2021 |  | 1.3 |  |  | 13.2 |  |  | 14.5 |
2022 |  | 1.2 |  |  | 13.1 |  |  | 14.3 |
2023 |  | 1.2 |  |  | 13.1 |  |  | 14.3 |
Thereafter |  | 19.9 |  |  | 82.1 |  |  | 102.0 |
Total |  | $ | 25.9 |  |  | $ | 141.8 |  |  | $ | 167.7 |
Present value adjustment for remaining lease payments (3) |  |  |  |  |  | (40.9 | )
Lease liability - operating leases, net |  |  |  |  |  | $ | 126.8 |
(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 for the rent payment.
(3) The range of discount rates used to calculate the present value of the lease payments is 3.09% to 5.50%. At June 30, 2019, the weighted average discount rate is 4.29% and the weighted average remaining lease term is 12.7 years. The discount rates are derived using a hypothetical corporate credit curve for the ground leases based on our outstanding senior notes and relevant market data. The discount rates are specific for individual leases primarily based on the lease term.

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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