ESCONDIDO, CALIFORNIA, March 16, 2000 — Realty Income Corporation (Realty Income), "The Monthly Dividend Company," (NYSE: O) today announced that its Board of Directors has declared an increase in the amount of the monthly dividend on its common stock to $0.18125 per share from $0.1800 per share. This is the tenth consecutive quarter in which the Company has increased the amount of its monthly dividend. The dividend is payable on April 17, 2000 to stockholders of record as of April 3, 2000. The new dividend amount represents an increase in the annualized rate to $2.175 per share from $2.16 per share. The Company continues its policy of declaring common stock dividends on a monthly, not quarterly, basis.

Tom A. Lewis, Chief Executive Officer of Realty Income, commented, "We are very pleased to have been able to increase the amount of our monthly dividend again this quarter. A primary goal of our Company is to produce consistent ongoing results for our shareholders. Increasing the amount of the dividend on a regular basis is the best evidence we can give our shareholders of our progress towards this goal."

The Board of Directors also declared the monthly dividend on the Company's Class C preferred stock which is payable on May 1, 2000 to shareholders of record as of April 15, 2000. The monthly dividend on the preferred C stock is $0.1979 per share, which represents an annualized rate of $2.375 per share.

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 the cash flows from 1,077 retail properties under long-term lease agreements with leading regional and national retail chains. The Company is an active buyer of net-leased retail properties nationwide.