Realty Income - Press Release

REALTY INCOME ANNOUNCES SOLID FIRST QUARTER OPERATING RESULTS

ESCONDIDO, CALIFORNIA, May 1, 2003 — Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE: O) announces operating results for the first quarter ended March 31, 2003.

COMPANY HIGHLIGHTS
For the quarter ended March 31, 2003

Revenue increased 7.5% to $35.7 million
Funds from Operations (FFO) increased 7.1% to $24.0 million
FFO per diluted common share increased 1.5% to $0.69 per share
Same store rents increased 0.6%
Portfolio occupancy increased to 97.9%
Invested $33.1 million in 42 additional properties at an average 10.9% lease rate
Increased the monthly dividend amount for the 22nd consecutive quarter to an annual rate of $2.355 per share
Paid the 392nd consecutive monthly dividend in March 2003
Received credit ratings upgrade from Moody's Investors Service
Issued $100 million of 5-3/8% senior unsecured notes

Financial Results

Revenue Increases
Realty Income's revenue for the first quarter ended March 31, 2003 increased 7.5% to $35.7 million as compared to $33.2 million for the same quarter in 2002.

Funds from Operations
FFO for the quarter ended March 31, 2003 increased 7.1% to $24.0 million as compared to $22.4 million for the same quarter in 2002. On a diluted per common share basis, FFO increased 1.5% to $0.69 per share compared to $0.68 per share for the same period in 2002.

FFO is considered to be an appropriate supplemental measure of a Real Estate Investment Trust's (REIT's) performance as it is based on net income analysis of property portfolio performance that excludes non-cash items such as depreciation. FFO is an alternative non-GAAP measure that is also considered to be a good indicator of a company's ability to pay dividends. (See reconciliation of net income to FFO on page six.)

Net Income Available to Common Stockholders
Net income available to common stockholders for the quarter ended March 31, 2003 was $15.6 million as compared to $15.9 million for the same period in 2002. On a diluted per common share basis, net income was $0.45 per share for the three months ended March 31, 2003 as compared to $0.48 per share for the same period in 2002.

The calculation to determine net income for a real estate company includes gains and losses from the sale of investment properties. The amount of gains and losses varies from quarter to quarter according to the timing of property sales. This variance can significantly impact net income.

Excluding the gain on sales of investment properties and income or loss from discontinued operations during the first quarter of each year, income from operations available to common stockholders increased by $0.01 per share to $0.45 per share in 2003 as compared to $0.44 per share in 2002, on a diluted per common share basis.

Dividend Information
In March 2003, Realty Income announced the 22nd consecutive quarterly increase in the amount of the monthly dividend on its common stock. This marked the 24th increase in the amount of the dividend, since the Company's listing on the New York Stock Exchange in 1994, and the 393rd consecutive monthly dividend declared. The amount of the monthly dividend was increased to $0.19625 per share from $0.1950 per share for an annualized dividend amount of $2.355 per share. The Company continues its 33-year policy of declaring and paying common stock dividends every month.

Real Estate Portfolio Update

As of March 31, 2003 Realty Income's portfolio of freestanding, single-tenant retail properties consisted of 1,235 properties located in 48 states, leased to 80 retail chains doing business in 25 retail industries. The properties are leased under long-term, net leases with a weighted average remaining lease term of approximately 11.0 years.

Portfolio Management Activities
The Company's portfolio of retail real estate properties owned, primarily under 15- to 20-year net leases, continues to perform well and provide dependable lease revenue supporting the payment of monthly dividends. As of March 31, 2003, portfolio occupancy was 97.9% with only 26 properties available for lease out of 1,235 properties in the portfolio.

Same store rents on 1,042 properties under lease during the three months ended March 31, 2003 and 2002 increased 0.6% to $31.04 million from $30.87 million in 2002.

Property Acquisitions
During the first quarter, Realty Income invested $33.1 million in 42 new properties and properties under development with an initial contractual average lease yield of 10.9%. The new properties are located in nine states and are 100% leased under net-lease agreements with an initial average lease length of 20.3 years. They are leased to five different retail chains in three industries: automotive service, convenience store and restaurant. In addition, Crest Net Lease, Inc., a subsidiary of the Company, invested $1.3 million in one new property and properties under development.

The Company believes the acquisition market for freestanding, net-leased, retail properties, while competitive, remains attractive. During 2003, the Company anticipates it will acquire additional properties utilizing its acquisition credit facility, the proceeds from property dispositions, and internally generated cash flow. Realty Income maintains an unsecured credit facility with borrowing capacity of $250 million that is used to fund acquisitions. As of March 31, 2003 the Company had outstanding borrowings of $24.8 million under this credit facility.

Property Dispositions
Realty Income continues to successfully execute its asset disposition program. The objective of the program is to sell assets when the Company believes the reinvestment of the sales proceeds will generate higher returns, enhance the credit quality of the Company's real estate portfolio or increase the average lease length.

During the first quarter of 2003, Realty Income sold four properties and excess land parcels from three properties for $4.2 million and reported a gain on sales of $166,000. These gains are included in income from discontinued operations. The properties sold consisted of one child care, one home improvement and two restaurant properties. The land sales were on three convenience store locations. The proceeds were, or will be, used to pay down the Company's acquisition credit facility and invest in new properties.

Other First Quarter 2003 Activities

Credit Ratings Upgrade
In February 2003, Realty Income received an upgrade in its credit ratings from Moody's Investors Service. The Company's senior unsecured debt rating was raised to Baa2 from Baa3 and its preferred stock ratings were raised to Baa3 from Ba1, with a stable outlook.

Issuance of 10-Year Senior Unsecured Notes
On March 5, 2003, Realty Income announced the pricing of $100 million of 5-3/8% senior unsecured notes due 2013. The price to the investor for the notes was 99.509% of the principal amount for an effective yield of 5.439%. These securities have been rated BBB by Fitch Ratings, Baa2 by Moody's Investors Service and BBB- by Standard & Poor's Ratings Group. The net proceeds from the offering were used to repay borrowings under the Company's $250 million unsecured acquisition credit facility.

Crest Net Lease
Crest Net Lease, Inc., a wholly-owned subsidiary formed by Realty Income, is focused on acquiring and subsequently marketing net-leased properties for sale. During the first quarter ended March 31, 2003, Crest sold two properties for $2.7 million and reported a gain on sales of $276,000. During the quarter Crest also invested $1.3 million in one new property and properties under development. At the end of the first quarter, Crest carried an inventory of $3.4 million, which consists of three properties held for sale.

Management's goal is for Crest to carry an average inventory of between $20 to $25 million in properties. The subsidiary generates an earnings spread on the difference between the lease payments it receives on the properties held in inventory and the cost of capital used to acquire properties. It is management's belief that at this level of inventory, earnings will more than cover the ongoing operating expenses of Crest.

The contribution to Realty Income's FFO by Crest depends on the timing and the number of property sales achieved, if any, in a given period. During the first quarter ended March 31, 2003, Crest generated $85,000 or $0.002 per diluted common share in FFO for Realty Income as compared to $0.01 in 2002.

CEO Comments on First Quarter 2003 Operating Results

Commenting on Realty Income's financial results and real estate operations, Tom A. Lewis, Chief Executive Officer stated, "We are pleased to once again report increases in our revenue, funds from operations and dividends to shareholders during the first quarter of 2003. Our portfolio of 1,235 retail properties continues to experience solid performance with same store rents rising 0.6% during the quarter and occupancy increasing to 97.9%. We attribute the strength in our portfolio to the fact that we own the properties of retail chains selling basic human needs goods and services at relatively low prices, a retail focus that has, historically, served us well during a variety of economic environments.

"In addition, our portfolio operations should remain stable and Crest Net Lease should again make a positive contribution to our earnings this year. We believe that most of our FFO growth in 2003 will be generated by new property acquisitions. The market for net-leased properties, while competitive, remains positive with numerous acquisition opportunities for the Company to consider. We believe our ability to act quickly and fund large acquisitions without financing contingencies will allow us to remain a very competitive player in the net-lease acquisitions market. We anticipate acquiring approximately $150 million in additional properties for Realty Income and Crest during 2003 with initial cash-on-cash yields in excess of 10.0%. We have ready access to capital with $225 million available on our $250 million credit facility and our balance sheet remains among the strongest and most conservative in our industry.

"We are also pleased with the continued increases in lease revenue and funds from operations that have allowed us to regularly increase the amount of the monthly dividend. This quarter we announced the 22nd consecutive quarterly increase, the 24th since we became a public company in 1994. In a time of economic uncertainty and market swings, we are fortunate that, as The Monthly Dividend Company®, we have continued to offer a dependable source of monthly income to our shareholders."

Earnings Commentary
Realty Income's FFO per common share has historically tended to be stable and fairly predictable because of the long-term leases that are the primary source of the Company's revenue. There are, however, several factors that can cause FFO per common share to vary from levels that have been anticipated by the Company. These factors include, but are not limited to, changes in interest rates, occupancy rates, periodically accessing the capital markets, the level of property acquisitions and dispositions, lease rollovers, the general real estate market, the economy, and the operations of Crest Net Lease.

2003 Estimates
Management estimates that FFO per common share for 2003 should range from $2.86 to $2.91, which would equate to an increase of approximately 2% to 4% over 2002 FFO per share of $2.80. This represents a change from the Company's previous FFO per common share estimates of $2.93 to $2.95. The adjustment in FFO per common share estimates equates to about $0.055 per share for 2003 and is attributable to a $0.02 change due to timing delays in anticipated property acquisitions, a $0.015 per share reduction in estimates for Crest Net Lease and an approximately $0.02 per share reduction relating to one property leased to Fleming Foods that the Company anticipates will become available for lease during the second quarter of 2003.

Management estimates Crest Net Lease will generate between $0.05 to $0.06 per share of FFO during 2003, as compared to its previous estimates of $0.06 to $0.08. Crest's primary business is the purchase and sale of properties for a profit. These sales may occur at various times during the course of the year, which could cause FFO in certain quarters to fluctuate from normal levels.

The Company does not intend to provide quarterly estimates of FFO. Absent changes in annual FFO guidance, at the end of each quarter, it may be presumed that the Company's overall estimate for the year has not changed.

Forward-Looking Statements

Statements in this press release, which 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, acquisitions of properties 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.

Realty Income is The Monthly Dividend Company®, a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. As of March 31, 2003, the Company had paid 392 consecutive monthly dividend payments throughout its 33-year operating history. The monthly income is supported by the cash flows from over 1,200 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.

Note to Editors:
Realty Income press releases are available at no charge by calling our toll-free investor hotline number: 888-811-2001, or through the Internet at http://www.realtyincome.com/Investing/News.html

CONSOLIDATED STATEMENTS OF INCOME

For the three months ended March 31, 2003 and 2002
(dollars in thousands, except per share amounts)

		2003		2002

REVENUE
Rental	$	35,295	$	32,842
Gain on sales of real estate aquired for resale		276		365
Interest and other		111		31

		35,682		33,238

EXPENSES
Interest		5,964		5,605
Depreciation and amortization		8,073		7,321
General and administrative		2,747		2,389
Property		690		616
Income taxes		166		288

		17,640		16,219

Income from operations		18,042		17,019
Gain on sales of investment properties		--		340

Income from continuing operations		18,042		17,359
Income (loss) from discontinued operations		(8)		935

Net Income		18,034		18,294
Preferred stock dividends		(2,428)		(2,428)

Net income available to common stockholders	$	15,606	$	15,866

Funds from operations (FFO)	$	24,003	$	22,383
Basic and diluted per share information for common stockholders:
FFO	$	0.69	$	0.68
Income from operations		0.45		0.44
Net income		0.45		0.48
Cash dividends paid		0.585		0.570

Segmentation by Category

FUNDS FROM OPERATIONS
For the three months ended March 31, 2003 and 2002
(dollars in thousands, except per share amounts)

2003

2002

Net income available to
   common stockholders   $ 15,606   $ 15,866

Depreciation and amortization:
       Continuing operations 8,073 7,321

       Discontinued operations 20 183

Depreciation of furniture,
       fixtures and equipment (30) (33)

Provision for impairment losses:
       Discontinued operations 500 160

Gain on sales of investment properties:

       Continuing operations -- (340)

       Discontinued operations (166) (774)

Funds from operations   $ 24,003   $ 22,383

Dividends paid to
   common stockholders   $ 20,450   $ 18,820

FFO in excess of dividends   $ 3,553   $ 3,563

FFO per common share,
   basic and diluted   $ 0.69   $ 0.68

Weighted average number of
   common shares used for

   computation per share:
       Basic 34,964,864 33,044,470

       Diluted 35,005,985 33,091,747

Funds from operations generated by Crest Net
For the three months ended March 31, 2003 and 2002
(dollars in thousands, except per share amounts)

   Gains from the sales of real
       estate acquired for resale   $ 276   $ 365

   Rent and other revenue 95 475

   Interest expense (77) (75)

   General and administrative expenses (172) (196)

   Property expenses (6) (42)

   Income taxes (31) (164)

   Funds from operations
       contributed by Crest Net   $ 85   $ 363

   FFO per common share,
       basic and diluted   $ 0.002   $ 0.01

We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trust's definition, as net income available to common stockholders, plus depreciation and amortization of assets uniquely significant to the real estate industry, reduced by gains and increased by losses on (i)sales of investment property and provisions for impairment and (ii)extraordinary items.

CONSOLIDATED BALANCE SHEETS
As of March 31, 2003 and December 31, 2002
(dollars in thousands, except per share amounts)

2003
2002

ASSETS

Real estate, at cost:

    Land $    478,657 $    467,488

    Buildings and improvements 835,581 818,412

1,314,238 1,285,900

    Less accumulated depreciation
       and amortization (261,535) (254,250)

    Net real estate held for investment 1,052,703 1,031,650

    Real estate held for sale, net 4,880 6,528

       Net real estate 1,057,583 1,038,178

Cash and cash equivalents 3,606 8,921

Accounts receivable 3,343 4,408

Goodwill, net 17,206 17,206

Other assets 12,188 11,517

     Total assets $ 1,093,926 $ 1,080,230

LIABILITIES AND STOCKHOLDERS' EQUITY

Distributions payable $       6,869 $       6,801

Accounts payable and accrued expenses 7,715 5,047

Other liabilities 5,798 6,227

Line of credit payable 24,800 109,700

Notes payable 330,000 230,000

    Total liabilities 375,182 357,775

Stockholders’ equity:
Preferred stock and paid in capital, par
    value $1.00 per share, 20,000,000
    shares authorized, 4,125,700 shares
    issued and outstanding 99,368 99,368

Common stock and paid in capital, par
    value $1.00 per share, 100,000,000
    shares authorized, 35,000,584 and
    34,874,827 shares issued and
    outstanding in 2003 and 2002,
    respectively 857,020 855,818

Distributions in excess of net income (237,644) (232,731)

    Total stockholders’ equity 718,744 722,455

    Total liabilities and stockholders’ equity $ 1,093,926 $ 1,080,230

Industry Diversifcation

The following table sets forth certain information regarding our properties classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:

Percentage of Rental Revenue⁽¹⁾

For the Quarter Ended March 31, 2003 For the Years Ended

Industry
Dec 31, 2002

Dec 31, 2001

Dec 31, 2000

Dec 31, 1999

Dec 31, 1998

Dec 31, 1997

Dec 31, 1996

Apparel Stores 2.3% 2.3% 2.4% 2.4% 3.8% 4.1% 0.7% --%

Automotive Collision Services 0.2    --    --    --    --    --    --    --

Automotive Parts 7.3    7.6    8.3    8.3    8.6    7.8    9.1    10.5

Automotive Service 8.1    7.0    5.7    5.8    6.6    7.5    6.4    4.8

Book Stores 0.5    0.4    0.4    0.5    0.5    0.6    0.5    --

Business Services 0.1    0.1    0.1    0.1    0.1    *    --    --

Child Care 19.1    20.8    23.9    24.7    25.3    29.2    35.9    42.0

Consumer Electronics 3.3    3.3    4.0    4.9    4.4    5.4    6.5    0.9

Convenience Stores 10.7    9.1    8.4    8.4    7.2    6.1    5.5    4.6

Craft and Novelty 0.5    0.4    0.4    0.4    0.4    *    --    --

Drug Stores 0.2    0.2    0.2    0.2    0.2    0.1    --    --

Entertainment 2.7    2.3    1.8    2.0    1.2    --    --    --

General Merchandise 0.5    0.5    0.6    0.6    0.6    *    --    --

Grocery Stores 0.1    0.5    0.6    0.6    0.5    *    --    --

Health and Fitness 4.0    3.8    3.6    2.4    0.6    0.1    --    --

Home Furnishings 5.2    5.4    6.0    5.8    6.5    7.8    5.6    4.4

Home Improvement 1.7    1.2    1.3    2.0    3.6    *    --    --

Office Supplies 2.0    2.1    2.2    2.3    2.6    3.0    1.7    --

Pet Supplies and Services 1.8    1.7    1.6    1.5    1.1    0.6    0.2    --

Private Education 1.2    1.3    1.5    1.4    1.2    0.9    --    --

Restaurants 12.4    13.5    12.2    12.3    13.3    16.2    19.8    24.4

Shoe Stores 0.9    0.8    0.7    0.8    1.1    0.8    0.2    --

Sporting Goods 3.9    4.1    0.9    --    --    --    --    --

Theaters 4.2    3.9    4.3    2.7    0.6    --    --    --

Video Rental 3.3    3.3    3.7    3.9    4.3    3.8    0.6    --

Other 3.8    4.4    5.2    6.0    5.7    6.0    7.3    8.4

Totals 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

* Less than 0.1%
(1) Includes rental revenue for all properties (prior to any reclassification for discontinued operations) owned by Realty Income and excludes properties owned by our subsidiary, Crest Net.

Segmentation by Category

The following table sets forth certain information regarding properties owned by Realty Income at March 31, 2003, classified according to the retail business types and the level of services they provide (dollars in thousands):

Industry
Number of Properties (1) Rental Revenue
for the
Quarter Ended
Mar 31, 2003(2) Percentage of Rental Revenue

TENANTS PROVIDING SERVICES

Automotive Collision
Services 4 $ 50 0.2 %

Automotive Service 182 2,880 8.1

Child Care 313 6,804 19.1

Entertainment 10 965 2.7

Health and Fitness 10 1,401 4.0

Private Education 5 435 1.2

Theaters 11 1,499 4.2

Other 9 1,360 3.8

544 15,394 43.3

TENANTS SELLING GOODS AND SERVICES

Automotive Parts
(with installation) 65 1,506 4.3

Business Services 1 32 0.1

Convenience Stores 154 3,803 10.7

Home Improvement 2 68 0.2

Pet Supplies and Services 6 397 1.1

Restaurants 215 4,415 12.4

Video Rental 34 1,179 3.3

477 11,400 32.1

TENANTS SELLING GOODS

Apparel Stores 6 808 2.3

Automotive Parts 73 1,075 3.0

Book Stores 2 180 0.5

Consumer Electronics 36 1,171 3.3

Craft and Novelty 3 187 0.5

Drug Stores 1 61 0.2

General Merchandise 11 172 0.5

Grocery Stores 2 47 0.1

Home Furnishings 38 1,846 5.2

Home Improvement 14 548 1.5

Office Supplies 9 716 2.0

Pet Supplies 4 234 0.7

Shoe Stores 4 314 0.9

Sporting Goods 11 1,403 3.9

214 8,762 24.6

Totals 1,235 $ 35,556 100.0 %

(1) Excludes properties owned by our subsidiary, Crest Net.
(2) Includes rental revenue for all properties (including revenue from properties reclassified for discontinued operations of $348,000) owned by Realty Income and excludes revenue of $87,000 from properties owned by Crest Net.

The following table sets forth certain information regarding the timing of the initial lease term expirations (excluding extension options) on our 1,204 net leased, single-tenant retail properties as of March 31, 2003 (dollars in thousands):

Year
Number of
Leases
Expiring (1) Rental Revenue
for the Quarter Ended
March 31, 2003 (2) Percentage
of Rental Revenue

2003 76 $ 1,438 4.2 %

2004 124 2,488 7.3

2005 88 1,705 5.0

2006 75 1,677 4.9

2007 119 2,146 6.3

2008 70 1,587 4.7

2009 29 697 2.1

2010 42 955 2.8

2011 35 1,364 4.0

2012 49 1,580 4.7

2013 72 3,158 9.3

2014 36 1,630 4.8

2015 32 834 2.5

2016 14 373 1.1

2017 21 1,363 4.0

2018 16 506 1.5

2019 50 2,268 6.7

2020 10 916 2.7

2021 95 3,599 10.6

2022 97 2,446 7.2

2023 42 183 0.5

2024 2 97 0.3

2026 2 93 0.3

2033 3 296 0.9

2034 2 208 0.6

2037 3 338 1.0

Totals 1,204 $ 33,945 100.0 %

(1) Excludes properties owned by our subsidiary, Crest Net.
(2) This table does not include revenue of $1,243,000 from five multi-tenant properties and revenue of $20,000 from 26 vacant unleased single-tenant properties at March 31, 2003 and revenue of $87,000 from properties owned by our subsidiary, Crest Net Lease. The lease expirations for properties under construction are based on the estimated date of completion of those properties.

Geographic Diversifcation

The following table sets forth certain state-by-state information regarding Realty Income's property portfolio as of March 31, 2003
(dollars in thousands)

State
Number of Properties (1)

Percent Leased

Approximate Leasable Square Feet (1)

Rent Revenue for the Quarter Ended 3/31/03 (2)

Percent of Annualized Rent

Alabama 14 100% 137,600 $      356 1.0%

Alaska 2 100    128,500 251 0.7

Arizona 35 94    240,700 992 2.8

Arkansas 8 100    48,800 232 0.7

California 61 98    1,014,300 3,481 9.8

Colorado 44 98    275,100 1,056 3.0

Connecticut 16 100    245,600 923 2.6

Delaware 16 100    29,100 62 0.2

Florida 89 100    1,220,200 3,977 11.2

Georgia 70 99    539,900 1,689 4.7

Idaho 11 100    52,000 197 0.6

Illinois 41 98    322,200 1,107 3.1

Indiana 28 96    156,800 539 1.5

Iowa 10 100    67,600 172 0.5

Kansas 21 100    190,000 555 1.6

Kentucky 13 100    43,600 275 0.8

Louisiana 7 100    47,100 179 0.5

Maryland 18 100    126,500 683 1.9

Massachusetts 30 100    138,300 725 2.0

Michigan 14 93    87,300 291 0.8

Minnesota 21 86    230,700 499 1.4

Mississippi 21 100    174,000 426 1.2

Missouri 34 100    225,200 739 2.1

Montana 2 100    30,000 77 0.2

Nebraska 10 100    91,200 290 0.8

Nevada 10 100    100,700 394 1.1

New Hampshire 6 100    23,900 149 0.4

New Jersey 23 100    110,800 977 2.7

New Mexico 5 100    46,000 119 0.3

New York 24 100    265,600 1,385 3.9

North Carolina 38 97    202,000 1,053 3.0

North Dakota 1 100    22,000 16 *

Ohio 67 99    433,900 1,568 4.4

Oklahoma 17 100    94,300 340 1.0

Oregon 18 100    206,000 496 1.4

Pennsylvania 34 100    265,300 980 2.8

Rhode Island 1 100    3,500 29 0.1

South Carolina 47 91    142,000 943 2.6

South Dakota 1 100    6,500 22 0.1

Tennessee 35 100    253,100 877 2.5

Texas 152 96    1,200,900 3,496 9.8

Utah 7 86    43,300 119 0.3

Vermont 1 100    2,500 22 0.1

Virginia 51 100    369,600 1,601 4.5

Washington 39 97    256,900 744 2.1

West Virginia 2 100    16,800 40 0.1

Wisconsin 16 94    162,300 334 0.9

Wyoming 4 100    20,100 79 0.2

Totals\Average 1,235 98% 10,110,300 $ 35,556 100.0%

* Less than 0.1%
(1) Excludes properties owned by our subsidiary, Crest Net.
(2) Includes rental revenue for all properties (including revenue from properties reclassified for discontinued operations of $348,000) owned by Realty Income and excludes revenue of $87,000 from properties owned by Crest Net.

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