ESCONDIDO, CALIFORNIA, October 15, 2004—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced that in honor of the Company’s 10-year anniversary of its listing on the New York Stock Exchange (NYSE), Chief Executive Officer Tom A. Lewis will ring The Opening Bell^SM on the floor of the exchange on Monday, October 18, 2004.

Tom A. Lewis, Chief Executive Officer of Realty Income, commented, “Along with our board of directors and other members of the senior management team of Realty Income, we are looking forward to celebrating this event on the floor of the New York Stock Exchange. It is appropriate on such an occasion to reflect on the Company’s progress over the past ten years, particularly since most of the team that will celebrate this event with me has been together throughout the past ten years. We have grown from a company that owned 630 properties in 1994 when we went public to over 1,500 properties that we own today. Our revenue back in 1994 was $44 million in comparison to over $170 million today and our equity market capitalization has increased from $312 million in 1994 to approximately $1.8 billion today. Most gratifying is the growth of both our share price and dividend over the past ten years, from a stock price of $16.00 per share and a dividend of $1.80 per share, when we listed on the NYSE, to today’s closing price of $47.06 per share and an annualized dividend amount of $2.63 per share. Along the way we also forged our identity as The Monthly Dividend Company®, providing a potential source of monthly income for millions of retired shareholders to enjoy a better quality of life. We are indeed gratified and thankful for the opportunities that have come our way and for the hard work of all of our employees.”

Realty Income, The Monthly Dividend Company®, is a real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has paid 411 consecutive monthly dividend payments throughout its 35-year operating history. The monthly dividend is supported by the cash flow 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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