Press Release Details

Oct 18, 2006

Realty Income Updates 2006 and 2007 Earnings Estimates and 2006 Property Acquisition Outlook

ESCONDIDO, CALIFORNIA, October 18, 2006. Realty Income Corporation (Realty Income), The Monthly Dividend Company®, (NYSE: O) today announced that the Company estimates 2006 FFO per common share should range from $1.70 to $1.72 per share, an increase of 4.9% to 6.2% in comparison to 2005 FFO per common share of $1.62. This represents an increase over previous 2006 FFO per share guidance of $1.69 to $1.72. FFO for 2006 is based on an estimated 2006 net income per diluted common share range of $1.10 to $1.12, adjusted (in accordance with NAREIT's definition of FFO) for estimated real estate depreciation of $0.65 and potential gain on sales of investment properties of $0.05 per share.

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