ESCONDIDO, CALIFORNIA, November 17, 2004—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced the Board of Directors has approved a 2-for-1 stock split. Shareholders of record as of December 2, 2004 will receive one additional share of common stock for each share they own. As a result of the stock split, total outstanding shares will increase from approximately 39.7 million shares to 79.3 million shares. Certificates for new shares will be issued on or about December 31, 2004.

The current monthly dividend amount will be adjusted in accordance with the increase in the shares outstanding resulting from the 2-for-1 stock split. Using the November 15, 2004 dividend as an example, please refer to the table below for additional clarification.

EXAMPLE:

Number of Shares November Monthly Dividend Amount Annualized Amount Before stock split 100 $0.218750 $2.6250 After stock split 200 $0.109375 $1.3125

Realty Income, The Monthly Dividend Company®, is a real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has made 412 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.

Forward-Looking Statements
Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause the Company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, the availability of capital to finance planned growth, property acquisitions and the timing of these acquisitions, and the profitability of the Company’s subsidiary, Crest Net Lease, as described in the Company’s filings with the Securities and Exchange Commission. Consequently, such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Note to Editors:
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