ESCONDIDO, CALIFORNIA, June 15, 2005—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE: O) announced today that Ronald L. Merriman will join its Board of Directors at its meeting on July 13, 2005. This brings the number of independent directors of the Company to six persons and the total number of board members to eight persons.

Mr. Merriman brings a wealth of experience to Realty Income’s Board of Directors. From 1967 to 1997 he was employed by the accounting firm of KPMG serving as Vice Chairman of KPMG’s Management Committee, COO of the firm’s health care and life sciences business segment, Senior Partner for the Western Region and was a member of KPMG’s Board of Directors. Mr. Merriman also served as President of Ambassador Performance Group, Inc., a $175 million travel & leisure oriented business from 1997 to 1999, as Executive Vice President of Carlson Wagonlit Travel from 1999 to 2000 and as a Managing Director of O’Melveny & Myers law firm from 2000 to 2003. Mr. Merriman serves on the Board of Directors and the Audit Committee of Pentair (NYSE: PNR) and is concluding his service as a member of the Board of Directors and Audit Committee of Cardio Dynamics International (NASDAQ: CDIC) effective July 2005.

Speaking about Mr. Merriman’s appointment to the Board of Directors, Tom A. Lewis, Chief Executive Officer of Realty Income commented, “We are delighted to have Mr. Merriman join our Board of Directors. Ron’s overall business experience, coupled with his many years in senior positions in the accounting industry, will further strengthen the independent oversight the Board provides for the shareholders of Realty Income. We look forward to working with Ron for many years in continuing to build the business of “The Monthly Dividend Company”.”

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 420 consecutive monthly dividends throughout its 36-year operating history. The monthly dividend is supported by the cash flows 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.

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