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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Schedule of minimum future rental payments under operating leases | At December 31, 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 |
2020 |  | $ | 1.6 |  |  | $ | 13.5 |  |  | $ | 15.1 |
2021 |  | 1.4 |  |  | 13.3 |  |  | 14.7 |
2022 |  | 1.4 |  |  | 13.2 |  |  | 14.6 |
2023 |  | 1.3 |  |  | 13.2 |  |  | 14.5 |
2024 |  | 1.3 |  |  | 13.3 |  |  | 14.6 |
Thereafter |  | 18.9 |  |  | 68.9 |  |  | 87.8 |
Total |  | $ | 25.9 |  |  | $ | 135.4 |  |  | $ | 161.3 |
Present value adjustment for remaining lease payments (3) |  |  |  |  |  | (39.0 | )
Lease liability - operating leases, net |  |  |  |  |  | $ | 122.3 |
(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.
(3) The range of discount rates used to calculate the present value of the lease payments is 2.42% to 5.50%. At December 31, 2019, the weighted average discount rate is 4.29% and the weighted average remaining lease term is 12.3 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.
Schedule of minimum future rental payments under operating leases at prior year end | At December 31, 2018, minimum future rental payments for the next five years and thereafter were as follows (dollars in millions):
|  | Ground Leases Paid by Realty Income (1) |  |  | Ground Leases Paid by Our Tenants (2) |  |  | Total |
2019 |  | $ | 1.5 |  |  | $ | 13.5 |  |  | $ | 15.0 |
2020 |  | 1.4 |  |  | 13.5 |  |  | 14.9 |
2021 |  | 1.2 |  |  | 13.2 |  |  | 14.4 |
2022 |  | 1.2 |  |  | 13.1 |  |  | 14.3 |
2023 |  | 1.2 |  |  | 13.1 |  |  | 14.3 |
Thereafter |  | 19.8 |  |  | 82.0 |  |  | 101.8 |
Total |  | $ | 26.3 |  |  | $ | 148.4 |  |  | $ | 174.7 |
(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.

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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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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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