Exhibit 21.1

Subsidiaries of the Company as of February 23, 2017

		State of		Percentage
Entity	Type	Incorporation	Owner	Owned
11990 Eastgate Blvd, LLC	Limited Liability Company	DE	Terraza 14, LLC	90.45%
6901 South International Boulevard, LLC	Limited Liability Company	DE	MDC Coastal 5, LLC	74%
American Realty Capital Properties, LLC	Limited Liability Company	DE	ARCT TRS Corp.	100%
ARC AAHARAL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC ATMTPSC001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC AZGYAPR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC AZHUMPR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC AZPONPR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC AZSNJPR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC BBFTMFL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC BSLBCCA001, LLC	Limited Liability Company	DE	ARC CAMBR BSPL, LLC	100%
ARC CAMBR BSPL, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC CVCHIIL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC CVCHIIL002, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC CVGNVFL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC ESBKYMO001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC ESSTLMO001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEAARMI001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEBKYWV001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEBNXNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEDGCKS001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEGFKND001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FEHAYKS001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FELNCNE001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FELSVKY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FESPFMO001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC FESXFSD001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC HDAUSGA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC HDTPAKS001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC IHLVRCA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC IHMPHTN001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC IHMPHTN002, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC IHPKRCO001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC IHROCNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC Income Properties II, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC Initial PE Member LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC JJPLYMA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC KHCLNIL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC KHGTNKY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC LWKNXTN001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC ORJOLIL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC PA-QRS Trust	Trust	VA	ARC PA-QRS Trust Member LLC	100%
ARC PA-QRS Trust Member LLC	Limited Liability Company	DE	Tau Acquisition LLC	100%
ARC PLBKVOH001, LLC	Limited Liability Company	DE	ARC CAMBR BSPL, LLC	100%
ARC RACADOH001, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RACAROH001, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RACARPA001 GP, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RACARPA001 LP	Limited Partnership	DE	ARC RACARPA001 GP, LLC / ARC Milestone Capital Ventures, LLC	100%
ARC RAELPOH001, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RALISOH001, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RAPITPA001 GP, LLC	Limited Liability Company	DE	ARC/Milestone Capital Ventures, LLC	100%
ARC RAPITPA001 LP	Limited Partnership	DE	ARC RAPITPA001 GP, LLC / ARC Milestone Captial Ventures, LLC	100%
ARC SCAUGGA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR002, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SJHSPAR003, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SSCTRVT001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SSNANNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC SYGRINY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TITUCAZ001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TMDKBIL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TSDUBPA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TSELBPA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TSLWBWV001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC TSMNFPA001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGAUBNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGCHEAL001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGCNWSC001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGGRCNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGGRCNY002, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGGRPMN001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGMTPMI001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGOPKNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGPLTNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WGSYRNY001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC WMBLYAR001, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARC/Milestone Capital Ventures, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
ARCT TRS Corp.	Corporation	DE	Tau Operating Partnership, L.P.	100%
Bulwark Berlin LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Bulwark Branford LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Bulwark Brockton LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Bulwark Derry LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Bulwark Melrose LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Bulwark Mount Ephraim LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Crest Net Lease, Inc.	Corporation	DE	Realty Income Corporation	100%
MDC Bell 1, LLC	Limited Liability Company	DE	Crest Net Lease, Inc.	100%
MDC Box 1, LLC	Limited Liability Company	DE	Crest Net Lease, Inc.	100%
MDC Coast 1, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coast 2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coast 3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coast 4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coast 5, LLC	Limited Liability Company	DE	Realty Income Corporation	100%

MDC Coast 6, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 1, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 5, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 6, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Coastal 7, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC East College, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC East Hobson, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Holabird, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
MDC Seal Beach, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
O CHK, INC.	Corporation	DE	Realty Income Corporation	100%
O ICE, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Acworth Cobb, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Alpharetta Windward, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Beachwood Chagrin, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Buffalo Genesee, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Buffalo Grove Deerfield, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Burlington Milwaukee, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Capitol Heights Ritchie Station, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income CK1, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Cumming Market Place, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Deer Park Deerwood Glen GP, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Deer Park Deerwood Glen Limited Partnership	Limited Partnership	TX	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	DE	Realty Income Corporation	100%
Realty Income DG Texas Portfolio I, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income DG Texas Portfolio II, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income East Syracuse Fair Lakes, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income East Windsor SciPark, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Euclid Lakeshore, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Houston Orem, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Illinois Properties 1, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Illinois Properties 2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Illinois Properties 3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Illinois Properties 4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Magellan, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Mentor Plaza, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Neenah Commercial, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Pennsylvania Properties Trust	Trust	MD	Realty Income Corporation	100%
Realty Income Pennsylvania Properties Trust 2	Trust	MD	Realty Income Corporation	100%
Realty Income Pepper Pike Chagrin, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Plantation Pine Island, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 1, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 10, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 11, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 12, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 13, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 14, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 15, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 16, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 17, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 18, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 19, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 20, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Properties 21, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 22, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 23, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 24, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Properties 25, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 26, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 27, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 28, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 29, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 30, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 31, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 5, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 6, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Properties 7, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Properties 8, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Properties 9, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Providence LaSalle Square, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Raphine, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Regent Blvd LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Seaford Merrick, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Shaker Heights Warrensville, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Texas Properties 1, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Realty Income Trust 1	Trust	MD	Realty Income Corporation	100%
Realty Income Trust 2	Trust	MD	Realty Income Corporation	100%
Realty Income Trust 3	Trust	MD	Realty Income Corporation	100%
Realty Income Trust 4	Trust	MD	Realty Income Corporation	100%
Realty Income Trust 5	Trust	MD	Realty Income Corporation	100%
Realty Income Trust 6	Trust	MD	Realty Income Corporation	100%
Realty Income Upper Darby 69th, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Wilmington Lancaster, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income Wilmington Military Cutoff, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Realty Income, L.P.	Limited Partnership	MD	Realty Income Corporation	99.64%
RI CS1, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
RI CS2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
RI CS3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
RI CS4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
RI CS5, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
RI GA 1, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
RI SE, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
RI TN 1, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%

RI TN 2, LLC	Limited Liability Company	DE	Realty Income, L.P.	100%
Tau Acquisition LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Tau Atlantic, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau Central, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
TAU CVJKVFL, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
TAU FESSPA, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau Midwest, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau Northeast, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau NY-NJ, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau Operating Partnership, L.P.	Limited Partnership	DE	Tau Acquisition LLC	99.44%
Tau Pennsylvania General Partner, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau Pennsylvania, L.P.	Limited Partnership	DE	Tau Pennsylvania General Partner, LLC	100%
Tau South, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Tau West, LLC	Limited Liability Company	DE	Tau Operating Partnership, L.P.	100%
Terraza 1, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 10, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 11, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 12 Holding LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 12, LLC	Limited Liability Company	DE	Terraza 12 Holding LLC	100%
Terraza 13, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 14, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 17, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 2, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 3, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 4, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 5, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 6, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 7, LLC	Limited Liability Company	DE	Realty Income Corporation	100%
Terraza 8, LLC	Limited Liability Company	DE	Realty Income Corporation	100%