Realty Income Increases Monthly Dividend 6.1%.

Declares 446(th) Consecutive Monthly Dividend

ESCONDIDO, Calif. -- Realty Income Corporation (Realty Income), The Monthly Dividend Company([R]), (NYSE:O) today announced that its Board of Directors has declared an increase in the Company's common stock monthly dividend to $0.1355 per share from $0.12775 per share. The dividend is payable on September 17, 2007 to shareholders of record as of September 4, 2007. This is the third dividend increase in 2007 and the 45th dividend increase since Realty Income went public in 1994. The new monthly dividend amount represents an annualized dividend amount of $1.626 per share as compared to the previous annualized dividend amount of $1.533 per share. The Company continues its long-term policy of declaring and paying dividends on a monthly, rather than on a quarterly, basis.

Tom A. Lewis, Chief Executive Officer of Realty Income, commented, "We are pleased that the continued strength in our operations allows us to substantially increase the amount of the dividend we pay to our shareholders. For the quarter ended June 30, 2007, our funds from operations (FFO) per share increased 14.0% and this allowed us to raise the amount of the monthly dividend while still maintaining a solid dividend coverage ratio. The new annualized dividend amount of $1.626 represents an increase of 9.3 cents per share as compared to the previous annualized dividend amount of $1.533 per share. With the payment of the September 2007 dividend, shareholders will enjoy an increase of 8.2% in the amount of their dividend as compared to the same month in 2006. As The Monthly Dividend Company([R]), we recognize the difficulty in obtaining attractive and rising income in today's investment environment and this dividend increase demonstrates our commitment to continuing to provide a dependable source of monthly income that increases over time."

Realty Income, The Monthly Dividend Company([R]), is a real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has declared 446 consecutive monthly dividends throughout its 38-year operating history and increased the dividend 45 times since Realty Income's listing on the New York Stock Exchange in 1994. The monthly dividend is supported by the cash flow from over 1,990 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.

Forward-Looking Statement 

Statements in this press release, which are not strictly historical, are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, the availability of capital to finance planned growth, property acquisitions and the timing of these acquisitions, charges for property impairments, the outcome of any legal proceedings to which the Company is a party, and the profitability of the Company's subsidiary, Crest Net Lease, as described in the Company's filings with the Securities and Exchange Commission. Consequently, such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Note to Editors:

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