ESCONDIDO, CALIFORNIA, January 26, 2004—Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced that on January 27,2004 at 9:30 a.m. EST, Executive Vice President, CFO and Treasurer, Paul M. Meurer, is scheduled to present to the investment community at the Credit Suisse First Boston 2004 REIT Conference. The presentation will be available via webcast, which investors may access on the Company's web site at www.realtyincome.com. A link to the webcast will be posted on the home page. A replay of the webcast will be available for approximately seven days after the conclusion of the conference.

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 402 consecutive monthly dividend payments throughout its 35-year operating history. The monthly income is supported by the cash flow from approximately 1,400 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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