Exhibit 21.1

Subsidiaries of the Company as of February 18, 2015

		State of		Percentage
Entity	Type	Incorporation	Owner	Owned
Crest Net Lease, Inc.	Corporation	Delaware	Realty Income Corporation	100%
RI CS2, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Pennsylvania Properties Trust	Trust	Maryland	Realty Income Corporation	100%
RI CS3, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
RI SE, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
O CHK, INC.	Corporation	Delaware	Realty Income Corporation	100%
RI CS4, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
O ICE, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 1, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 2, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 3, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 4, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Illinois Properties 1, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 5, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 6, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 9, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Raphine, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 10, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Regent Blvd LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Illinois Properties 2, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Illinois Properties 3, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Illinois Properties 4, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 13, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 11, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 12, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Pennsylvania Properties Trust 2	Trust	Maryland	Realty Income Corporation	100%
Realty Income Properties 14, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 15, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 16, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 17, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 18, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 19, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Trust 1	Trust	Maryland	Realty Income Corporation	100%
Realty Income Trust 2	Trust	Maryland	Realty Income Corporation	100%
Realty Income Trust 3	Trust	Maryland	Realty Income Corporation	100%
Realty Income Properties 21, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 22, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 1, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 2, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 3, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 4, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 5, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 6, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Tau Acquisition LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 23, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 7, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 8, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 30, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
American Realty Capital Properties, LLC	Limited Liability Company	Delaware	ARCT TRS Corp.	100%
ARC AACRSMS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AADUNNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AAHARAL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AALAFLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AAROKMI001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AASDLLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AAVICMS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AAWMNLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC ATMTPSC001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AZGYAPR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AZHUMPR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AZPONPR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC AZSNJPR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BBFTMFL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFAUSTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFBENAR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFBRGLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFGRJCO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFPRLTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BFWCHKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC BSLBCCA001, LLC	Limited Liability Company	Delaware	ARC CAMBR BSPL, LLC	100%
ARC CAMBR BSPL, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CAMBR FESACCA, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CAMBR RB LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CHCARIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CHNLKIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CPSTPNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CVCHHMI001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CVCHIIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CVCHIIL002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CVDECGA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%

ARC CVGNVFL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC CVKGCVA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DDABBSC001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DDLNCNE001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DDOKMOK001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DDSHRLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DDWLMNC001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DFLWRKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DGGLLIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DGHLDFL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DGJKVFL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DGMRSIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC DGMTZIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC ESBKYMO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC ESSTLMO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEAARMI001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEBKYWV001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEBNXNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEDGCKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEGFKND001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FEHAYKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FELNCNE001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FELSVKY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FESPFMO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FESTCMN001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FESXFSD001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FTMTGIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC FTSCHIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC HDAUSGA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC HDTPAKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHABQNM001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHALXLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHBUFGA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHBVROR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHCINOH001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHCTVUT001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHCVLVA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHEPSTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHEPSTX002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHHHDSC001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHLVRCA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHMPHTN001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHMPHTN002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHPKRCO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHROAVA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHROCNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHSGLTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHSHWKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHSPFMO001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC IHTPKKS001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC Income Properties II, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC Initial PE Member LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBBEATX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBFERTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBFORTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBSHOTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBVICTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JBVICTX002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC JJPLYMA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC KHCLNIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC KHGTNKY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC LWKNXTN001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC ORJOLIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC PA-QRS Trust	Trust	Virginia	ARC PA-QRS Trust Member LLC	100%
ARC PA-QRS Trust Member LLC	Limited Liability Company	Delaware	Tau Acquisition LLC	100%
ARC PLBKVOH001, LLC	Limited Liability Company	Delaware	ARC CAMBR BSPL, LLC	100%
ARC QTDECGA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC RACADOH001, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RACAROH001, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RACARPA001 GP, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RACARPA001 LP	Limited Partnership	Delaware	ARC RACARPA001 GP, LLC	100%
ARC RAELPOH001, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RALISOH001, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RAPITPA001 GP, LLC	Limited Liability Company	Delaware	ARC/Milestone Capital Ventures, LLC	100%
ARC RAPITPA001 LP	Limited Partnership	Delaware	ARC RAPITPA001 GP, LLC	100%
ARC SCAUGGA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR003, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SSCTRVT001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SSNANNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC SYGRINY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TITUCAZ001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TMDKBIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%

ARC TSDEMAL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSDUBPA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSELBPA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSLWBWV001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSMNFPA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSMRKLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSNBSTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC TSSNRCA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGAMTLA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGAUBNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGAUSTX001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGCHEAL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGCNWSC001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGGRCNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGGRCNY002, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGGRPMN001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGJOLIL001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGLERNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGMARVA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGMNFOH001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGMRYOH001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGMTPMI001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGOPKNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGOTTIA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGPLTNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGSYRNY001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WGUAROH001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WMBLYAR001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WWALLPA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC WWYKTVA001, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARC/Milestone Capital Ventures, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
ARCT TRS Corp.	Corporation	Delaware	Tau Operating Partnership, L.P.	100%
LWAGHTWV LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGLVKY 1 LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGLVKY 2 LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGLVKY 3 LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGMFKY LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGPTIN LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
LWAGRCKY LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Atlantic, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Central, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Midwest, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Northeast, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau NY-NJ, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Operating Partnership, L.P.	Limited Partnership	Delaware	Tau Acquisition LLC	99.28%
Tau Pennsylvania General Partner, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau Pennsylvania, L.P.	Limited Partnership	Delaware	Tau Pennsylvania General Partner, LLC	100%
Tau South, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau West, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Realty Income Properties 25, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income CK1, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income, L.P.	Limited Partnership	Maryland	Realty Income Corporation	98.27%
Realty Income Properties 26, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 27, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Properties 28, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Trust 4	Trust	Maryland	Realty Income Corporation	100%
Realty Income Properties 20, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income Properties 24, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income Properties 7, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income Properties 8, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income Texas Properties 1, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
RI CS1, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
RI CS5, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
RI GA 1, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
RI TN 1, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
RI TN 2, LLC	Limited Liability Company	Delaware	Realty Income, L.P.	100%
Realty Income Properties 29, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Magellan, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Acworth Cobb, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Alpharetta Windward, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Beachwood Chagrin, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Buffalo Genesee, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Euclid Lakeshore, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Houston Orem, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Mentor Plaza, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Pepper Pike Chagrin, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Plantation Pine Island, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Providence LaSalle Square, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Shaker Heights Warrensville, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Wilmington Military Cutoff, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Cumming Market Place, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Bulwark Berlin LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Bulwark Branford LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Bulwark Brockton LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%

Bulwark Derry LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Bulwark Melrose LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Bulwark Mount Ephraim LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Buffalo Grove Deerfield, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Capitol Heights Ritchie Station, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Deer Park Deerwood Glen GP, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Deer Park Deerwood Glen Limited Partnership	Limited Partnership	Texas	Realty Income Deer Park Deerwood Glen GP, LLC /
			Realty Income Deer Park Deerwood Glen LP, LLC	100%
Realty Income Deer Park Deerwood Glen LP, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income DG Texas Portfolio II, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Burlington Milwaukee, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income DG Texas Portfolio I, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income East Syracuse Fair Lakes, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income East Windsor SciPark, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Neenah Commercial, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Seaford Merrick, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Upper Darby 69th, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Wilmington Lancaster, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Realty Income Trust 5	Trust	Maryland	Realty Income Corporation	100%
Terraza 10, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 11, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Terraza 12, LLC	Limited Liability Company	Delaware	Terraza 12 Holding LLC	100%
Terraza 12 Holding LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%
Tau CVJKVFL, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Tau FESSPA, LLC	Limited Liability Company	Delaware	Tau Operating Partnership, L.P.	100%
Terraza 13, LLC	Limited Liability Company	Delaware	Realty Income Corporation	100%