ESCONDIDO, CALIFORNIA, November 19, 2003—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced the pricing of $150 million of 5½% senior unsecured notes due 2015. The price to the investor for the notes was 99.508% of the principal amount for an effective yield of 5.56%. These securities have been rated BBB by Fitch Ratings, Baa2 by Moody's Investors Service and BBB by Standard & Poor's Ratings Group.

The joint-book running managers of the offering are Banc of America Securities LLC and Citigroup Global Markets, Inc. Senior co-managers include: Credit Suisse First Boston, Merrill Lynch & Co., and Wachovia Securities. Additional co-managers include: A.G. Edwards & Sons, Inc., BNY Capital Markets, Inc., Banc One Capital Markets, Inc., and Wells Fargo Securities, LLC. A copy of the prospectus relating to this offering may be obtained from Banc of America Securities LLC, NC-1-007-08-17, 100 North Tryon Street, Charlotte, NC 28255, Attention: Transaction Management.

The Company intends to use the net proceeds from the sale of the notes to fund the acquisition of a portfolio of properties for approximately $135 million and to repay borrowings under the Company's $250 million acquisition credit facility. Realty Income is currently negotiating this transaction and the acquisition is subject to conditions over which the Company has no control. If the acquisition is not consummated Realty Income intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of borrowings under its acquisition credit facility and to finance the cost of any future acquisitions.

These securities are offered pursuant to a Registration Statement that has been declared effective by the Securities and Exchange Commission. The notes are only offered by means of the prospectus and the prospectus supplement related to the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state where the offer, solicitation, or sale of these securities would be unlawful.

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.

Realty Income is The Monthly Dividend Company®, a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has paid 400 consecutive monthly dividend payments throughout its 33-year operating history. The monthly income is supported by the cash flow from over 1,300 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.

Note to Editors

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