ESCONDIDO, CALIFORNIA, SEPTEBER 14, 2000 — Realty Income Corporation (Realty Income), "The Monthly Dividend Company" (NYSE: O) today announced that its Board of Directors has declared an increase in the amount of the monthly dividend on its common stock to $0.18375 per share from $0.18250 per share. This is the 12th consecutive quarter in which the Company has increased the amount of its monthly dividend. The dividend is payable on October 16, 2000 to shareholders of record as of October 2, 2000. The dividend represents an annualized rate of $2.21 per share. The Company continues its policy of declaring common stock dividends on a monthly, not 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. Our goal continues to be to produce consistent performance results for our shareholders and increasing the dividend on a regular basis is the best evidence we can provide of our progress towards this goal."

Realty Income, "The Monthly Dividend Company," is a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. The monthly dividend is supported by the cash flows from 1,072 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.