ESCONDIDO, CALIFORNIA, January 13, 2000 — Realty Income Corporation (Realty Income), "The Monthly Dividend Company," (NYSE: O) today announced that the Board of Directors has authorized the repurchase of up to an aggregate of $10 million of common, preferred stock (Series B and C) and senior debt securities.

The Company may make periodic purchases on the open market at prevailing prices or in privately negotiated transactions. The stock repurchase program may begin immediately and additional repurchases could be made from time to time on or prior to January 13, 2001. The program will be funded using available working capital which consists primarily of cash flow from operations.

Tom A. Lewis, President and Chief Executive Officer, said, "We believe the repurchase of our common and preferred stock represents an attractive investment opportunity for the Company. The repurchase program is consistent with our business strategy of making investments that will enhance returns to our shareholders."

Realty Income is "The Monthly Dividend Company," a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. The monthly dividend is supported by cash flows from 1,076 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.