Press Release Details

Nov 30, 2006

Realty Income Prices $220 Million of 6.75% Monthly Income Class E Perpetual Preferred Securities

ESCONDIDO, CALIFORNIA, November 30, 2006. Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE:O) today announced the pricing of a public offering of 8,800,000 shares of the Company's Monthly Income Class E Cumulative Redeemable Preferred stock at $25.00 per share. The offering is anticipated to close on December 7, 2006. Dividents on the Class E preferred stock will be paid monthly based on an annual rate of 6.75%, which is equivalent to approximately $1.6875 per share annually. The Monthly Income Class E Preferred stock has no stated maturity, sinking fund or mandatory redemption provision. It also is non convertible into any other security of the Company. At the Company's option, the Monthly Income Class E Preferred stock may be redeemed at $25 per share, plus accrued dividents if any, on or after December 7, 2011. The net proceeds from this offering will be used to repay borrowings on the Company's $300 million unsecured acquisition credit facility and for other general corporate purposes. The Company intends to file an application to list the Monthly Income Class E Preferred shares on the New York Stock Exchange.

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