ESCONDIDO, CALIFORNIA, June 13, 2002—Realty Income Corporation (Realty Income), The Monthly Dividend Company™, (NYSE:O) today announced that its Board of Directors has declared an increase in the Company's common stock monthly dividend to $0.1925 per share from $0.19125 per share. This is the 19th consecutive quarter in which the Company has increased the amount of the monthly dividend. The dividend is payable on July 15, 2002 to shareholders of record as of July 1, 2002. The new monthly dividend amount represents an annualized rate of $2.31 per share. The Company continues its long-term policy of declaring and paying common stock dividends on a monthly, rather than a quarterly, basis.

Tom A. Lewis, Chief Executive Officer of Realty Income commented, "We are very pleased to have been able to increase the amount of the monthly dividend again this quarter. With the payment of the July monthly dividend, we will have made 384 consecutive monthly dividend payments. The mission of Realty Income is to pay dependable monthly income to our shareholders. Increasing the dividend on a consistent basis is the best evidence we can offer of the Company's continued success in accomplishing its mission."

Realty Income, The Monthly Dividend Company™, is a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has declared 384 consecutive monthly dividend payments throughout its 33-year operating history. The monthly income is supported by the cash flow from 1,183 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.

#1 in paying monthly dividends to shareholders.

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