ESCONDIDO, CALIFORNIA, October 12, 2005—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced that its Board of Directors declared a common stock dividend of $0.115625 per share, payable on November 15, 2005 to shareholders of record as of November 1, 2005. The dividend represents an annualized rate of $1.3875 per share.

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 424 consecutive monthly dividends throughout its 36-year operating history. The monthly income is supported by the cash flow from over 1,600 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.

The Company also announced that its Corporate Governance Guidelines are available on the corporate website at www.realtyincome.com. This information should have been included in Realty Income’s Proxy Statement dated March 22, 2005.

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