ESCONDIDO, CALIFORNIA, January 18, 2005—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) announced today that with the payment of the January 18, 2005 dividend the Company has paid $1 billion in common stock dividends.

Realty Income has been paying monthly dividends to its shareholders since its founding in 1969. In addition, since October 1994 when the Company began trading on the New York Stock Exchange, shareholders have enjoyed regular increases in the amount of the dividend. The annualized dividend amount has grown from $1.80 per share in 1994 to $2.64 per share as of December 31, 2004 (or $1.32 per share as adjusted for the stock split after December 31, 2004), an increase of 46.7%.

Commenting on this milestone, Chief Executive Officer Tom A. Lewis, said, “We are pleased that the operations of the Company have supported, not only the payment of one billion dollars in dividends, but also the payment of a steadily rising dividend over time. As The Monthy Dividend Company®, we continue to be inspired by the role we play in providing the monthly income upon which so many shareholders depend. We are also firmly committed to continuing to operate the company in a manner that supports the payment of monthly dividends into the foreseeable future.”

Realty Income, The Monthly Dividend Company®, is a real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has paid 414 consecutive monthly dividend payments throughout its 35-year operating history. The monthly dividend is supported by the cash flow from over 1,500 retail properties owned under long-term lease agreements with leading regional and national retail chains. The Company is an active buyer of net-leased retail properties nationwide.

Forward-Looking Statements
Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, the availability of capital to finance planned growth, property acquisitions and the timing of these acquisitions, and the profitability of the Company’s subsidiary, Crest Net Lease, as described in the Company’s filings with the Securities and Exchange Commission. Consequently, such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Note to Editors
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