Operating Results for Third Quarter and Nine Months Announced by Realty Income

  Operating Results for Third Quarter and Nine Months Announced by Realty
  Income

Business Wire

ESCONDIDO, Calif. -- October 25, 2012

Realty Income Corporation (Realty Income), The Monthly Dividend Company^®
(NYSE: O), today announced operating results for the third quarter and nine
months ended September30, 2012. Access to this document is available at
www.realtyincome.com. All per share amounts presented in this press release
are on a diluted per common share basis unless stated otherwise.

                             COMPANY HIGHLIGHTS:

For the quarter ended September 30, 2012 (as compared to the same quarterly
period in 2011):

  *Revenue increased 13.2% to $120.2 million
  *Normalized FFO available to common stockholders increased 8.3% to $68.9
    million
  *AFFO available to common stockholders increased 6.7% to $68.5 million
  *Normalized FFO per share increased 4.0% to $0.52
  *AFFO per share increased 2.0% to $0.52
  *Net income available to common stockholders per share was $0.20
  *Portfolio occupancy was 97.0%
  *Invested $496.1 million in 87 new properties and properties under
    development
  *The monthly dividend increased for the 67^th time in August to an
    annualized amount of $1.8135
  *The monthly dividend was also increased in September, for the 68^th time
    and for the 60^th consecutive quarter, to an annualized amount of $1.81725
    per share
  *Dividends paid per common share increased 1.8%
  *Announced the proposed acquisition of American Realty Capital Trust
    (NASDAQ: ARCT)

Financial Results

Revenue

Revenue, for the quarter ended September 30, 2012, increased 13.2% to $120.2
million as compared to $106.2million for the same quarter in 2011. Revenue,
for the nine months ended September 30, 2012, increased 15.3% to $349.9
million as compared to $303.5 million for the same period in 2011.

Net Income Available to Common Stockholders

Net income available to common stockholders, for the quarter ended September
30, 2012, was $27.0million as compared to $34.7 million for the same quarter
in 2011. Net income per share, for the quarter ended September 30, 2012, was
$0.20as compared to $0.27 for the same quarter in 2011. The decrease in net
income available to common stockholders includes $5.5 million of
merger-related costs, including estimated accruals.

Net income available to common stockholders, for the nine months ended
September 30, 2012, was $86.0million as compared to $97.8 million for the
same period in 2011. Net income per share, for the nine months ended
September30, 2012, was $0.65 as compared to $0.79 for the same period in
2011. The decrease in net income available to common stockholders includes a
one-time $3.7 million non-cash redemption charge on the Class D preferred
shares that were redeemed in March 2012 and $5.5 million of merger-related
costs, including estimated accruals.

The calculation to determine net income for a real estate company includes
impairments and/or gains from the sales of investment properties. Impairments
and/or gains on property sales vary from quarter to quarter. This variance can
significantly impact net income.

FFO Available to Common Stockholders

Funds from Operations (FFO), for the quarter ended September 30, 2012,
decreased 0.3% to $63.4million as compared to $63.6 million for the same
quarter in 2011. FFO per share, for the quarter ended September 30, 2012,
decreased 4.0% to $0.48 as compared to $0.50 for the same quarter in 2011.

FFO, for the nine months ended September 30, 2012, increased 4.4% to $189.3
million as compared to $181.3million for the same period in 2011. FFO per
share, for the nine months ended September 30, 2012, decreased 2.7% to $1.42
as compared to $1.46 for the same period in 2011. The decrease in FFO per
share is due to a one-time, $3.7million non-cash redemption charge on the
Class D preferred shares that were redeemed in March 2012 and $5.5 million of
merger-related costs, including estimated accruals. Excluding the $3.7 million
charge, FFO per share is $1.45 for the first nine months of 2012.

Normalized FFO Available to Common Stockholders

Normalized Funds from Operations, which is based on FFO adjusted to add back
merger-related costs, for the quarter ended September 30, 2012, increased 8.3%
to $68.9million as compared to $63.6 million for the same quarter in 2011.
Normalized FFO per share, for the quarter ended September 30, 2012, increased
4.0% to $0.52 as compared to $0.50 for the same quarter in 2011.

Normalized FFO, for the nine months ended September 30, 2012, increased 7.4%
to $194.8 million as compared to $181.3 million for the same period in 2011.
Normalized FFO per share, for the nine months ended September 30, 2012,
increased 0.7% to $1.47 as compared to $1.46 for the same period in 2011.
Normalized FFO per share includes a one-time, $3.7million non-cash,
redemption charge on the Class D preferred shares that were redeemed in March
2012. Excluding this $3.7 million charge, normalized FFO per share is $1.49
for the first nine months of 2012.

AFFO Available to Common Stockholders

Adjusted Funds from Operations (AFFO), for the quarter ended September 30,
2012, increased 6.7% to $68.5million as compared to $64.2 million for the
same quarter in 2011. AFFO per share, for the quarter ended September 30,
2012, increased 2.0% to $0.52 as compared to $0.51 for the same quarter in
2011.

AFFO, for the nine months ended September 30, 2012, increased 8.9% to $201.3
million as compared to $184.8million for the same period in 2011. AFFO per
share, for the nine months ended September30, 2012, increased 2.0% to $1.52
as compared to $1.49 for the same period in 2011.

The Company considers FFO, normalized FFO and AFFO to be appropriate
supplemental measures of a Real Estate Investment Trust’s (REIT’s) operating
performance. Realty Income defines FFO consistent with the National
Association of Real Estate Investment Trust’s (NAREIT’s) definition as net
income available to common stockholders plus depreciation and amortization of
real estate assets, plus impairments of real estate, reduced by gains on sales
of investment properties and extraordinary items. Normalized FFO adds back
one-time merger-related costs for our proposed acquisition of ARCT. AFFO
further adjusts Normalized FFO for unique revenue and expense items which are
not pertinent to the measurement of our ongoing operating performance. See our
reconciliation of net income available to common stockholders to FFO,
normalized FFO and AFFO below.

Dividend Information

In August 2012, Realty Income announced a dividend increase of 3.4%. In
September 2012, Realty Income announced the 60^th consecutive quarterly
dividend increase, which is the 68^th increase in the amount of the dividend
since the Company’s listing on the New York Stock Exchange in 1994. The
annualized dividend amount, as of September 30, 2012, was $1.81725 per share.
The amount of the monthly dividends paid increased 1.2% to $1.317 per share
for the nine months ended September 30, 2012, from $1.301 per share for the
same period in 2011. In addition, through September30, 2012, the Company has
paid 506 consecutive monthly dividends and over $2.3billion in total
dividends since 1969. Realty Income has a dividend reinvestment and stock
purchase program that can be accessed at www.realtyincome.com. The program is
administered by Wells Fargo Shareowner Services.

Real Estate Portfolio Update

As of September 30, 2012, Realty Income’s portfolio of freestanding,
single-tenant properties consisted of 2,838 properties located in 49 states,
leased to 144 commercial enterprises doing business in 44 industries. The
properties are leased under long-term, net leases with a weighted average
remaining lease term of approximately 11.0 years.

Portfolio Management Activities

The Company’s portfolio of commercial real estate, owned primarily under 10-
to 20-year net leases, continues to perform well and provide dependable lease
revenue supporting the payment of monthly dividends. As of September30, 2012,
portfolio occupancy was 97.0% with 84 properties available for lease out of a
total of 2,838 properties in the portfolio, as compared to 97.3% portfolio
occupancy as of June30, 2012.

Rent Increases (Decreases)

During the quarter ended September 30, 2012, same store rents on 2,262
properties under lease decreased 1.0% to $91.65million, as compared to
$92.54million for the same quarter in 2011. Excluding the impact of
Friendly’s and Buffet’s reorganization rent adjustments, same store rental
revenue increased 1.0%, during the third quarter of 2012, as compared to the
same period in 2011.

During the nine months ended September30, 2012, same store rents on 2,262
properties under lease decreased 0.8% to $275.1million, as compared to
$277.2million for the same period in 2011. Excluding the impact of Friendly’s
and Buffet’s reorganization rent adjustments, same store rental revenue
increased 1.1%, during the first nine months of 2012, as compared to the same
period in 2011.

Property Acquisitions

During the third quarter of 2012, Realty Income invested $496.1 million in 87
new properties and properties under development. The new properties are
located in 19 states and are 100% leased with an average lease term of
13.0years and an initial average lease yield of 7.1%.

During the nine months ended September 30, 2012, Realty Income invested
$717.6million in 234 new properties and properties under development. The new
properties are located in 33 states and are 100% leased with an average lease
term of 14.3 years and an initial average lease yield of 7.1%.

Realty Income maintains a $1.0 billion unsecured acquisition credit facility,
which is used to fund property acquisitions in the near term. As of September
30, 2012, outstanding borrowings on the Company’s acquisition credit facility
were $609.0million, and borrowing capacity was $391.0 million. Subsequent to
the end of the third quarter, the credit facility borrowings were repaid, and
the full $1.0 billion credit facility is available to fund additional
acquisitions.

Property Dispositions

Realty Income continued to successfully execute its asset disposition program
in the third quarter of 2012. The objective of this program is to sell assets
when the Company believes the reinvestment of the sales proceeds will generate
higher returns, enhance the credit quality of the Company's real estate
portfolio, increase the average lease length, or decrease tenant or industry
concentration.

During the quarter ended September 30, 2012, Realty Income sold 11 properties
for $15.8million, with a gain on sales of $2.0million, as compared to 12
properties sold for $7.4 million, with a gain on sales of $3.1 million, during
the same quarter in 2011.

During the nine months ended September 30, 2012, Realty Income sold 30
properties for $34.3 million, with a gain on sales of $6.0 million, as
compared to 21 properties sold for $12.5 million, with a gain on sales of $4.5
million, during the same period in 2011.

Other Activities

Acquiring American Realty Capital Trust

In September 2012, Realty Income and American Realty Capital Trust, Inc.
signed a definitive agreement under which Realty Income will acquire all of
the outstanding shares of American Realty Capital Trust (ARCT) in a
transaction valued at approximately $2.95 billion. The board of directors of
both companies have unanimously approved the agreement. Assuming shareholder
approval by both companies, the transaction is expected to close during the
fourth quarter of 2012 or early in the first quarter of 2013. Upon completion,
it is anticipated that Realty Income will be the 18^th largest REIT in the US,
based on total pro forma equity market capitalization, and twice as large as
the next largest net-lease REIT.

Priced $800 Million of Senior Unsecured Notes Due 2018 and 2022

On October 2, 2012, the Company announced the pricing of $350 million of
5-year 2.00% fixed rate Notes, due January31, 2018, and $450 million of
10-year 3.25% fixed rate Notes, due October 15, 2022. The public offering
price for the 5-year notes was 99.910% of the principal amount for an
effective yield to maturity of 2.017%. The public offering price for the
10-year notes was 99.382% of the principal amount for an effective yield to
maturity of 3.323%. The net proceeds from the offering were used to repay
borrowings outstanding on the Company’s $1.0billion acquisition credit
facility, and the remaining proceeds will be used for general corporate
purposes, which may include additional property acquisitions.

Direct Stock Purchase and Dividend Reinvestment Plan (the “Stock Plan”)

During the third quarter of 2012, Realty Income issued 14,085 common shares
via its Stock Plan at an average price of $41.69 per share, generating gross
proceeds of $584,000. During the first nine months of 2012, Realty Income
issued 55,598 common shares via its Stock Plan at an average price of $39.16
per share, generating gross proceeds of $2.2million.

CEO Comments on Operating Results

Commenting on Realty Income’s financial results and real estate operations,
Chief Executive Officer, Tom A. Lewis said, “We are pleased to report
increases in rental revenue, adjusted funds from operations (AFFO) and
dividends during the third quarter of 2012. In addition, our net-leased
property portfolio continued to exhibit strong performance with occupancy
remaining high at 97% at the end of the third quarter.”

“We also invested $496.1 million in 87 new properties and properties under
development, during the third quarter. Year-to-date, we have invested $717.6
million in 234 new properties, and properties under development, with an
initial average lease yield of 7.1% and an average lease term of 14.3 years.
In addition, we recently disclosed that we anticipate acquiring approximately
$1.0 billion in new properties during 2012, based on agreements we have
entered into that have closed, or are expected to close, in the fourth
quarter. Importantly, the majority of the properties acquired are leased to
investment-grade tenants, consistent with our strategic focus on continuing to
increase the overall credit quality of our real estate portfolio. Real estate
transaction flows continue to offer us attractive net-lease properties for
acquisition. All in all, we enjoyed an excellent quarter and nine months on
the acquisition front.”

“We also were very successful in accessing the capital markets with the
pricing, on October 2, 2012, of $800 million of senior unsecured notes due in
2018 and 2022, to permanently fund both closed and pending acquisitions. The
pricing of the notes was very favorable at 2.00% for $350 million of 5-year
fixed rate notes and at 3.25% for $450million of 10-year fixed rate notes.”

“With respect to our recently announced pending acquisition of American Realty
Capital Trust, we are in the process of finalizing the proxy statement that
will be mailed to all shareholders. Subsequent to receiving shareholder
approval and closing of the transaction, we anticipate immediately increasing
the annualized amount of the dividend by $0.13 to $1.947 per share.”

“Most important to our shareholders, during the third quarter, we also
announced two dividend increases. The first was a special increase of 3.4% in
August 2012, which our Board of Directors approved based on the successful
operations of our business during the year. We also increased the dividend for
the 60^th consecutive quarter in September 2012. As a result, the amount of
the annualized dividend has increased from $1.746, at the end of 2011, to
$1.81725, as of the end of the third quarter, an increase of 4.1%. Providing
monthly dividends that increase over time is our mission, and so we remain
focused on operating our business in a manner consistent with achieving our
mission.”

FFO Commentary

Realty Income’s FFO per share has historically tended to be stable and fairly
predictable because of the long-term leases that are the primary source of the
Company’s revenue. There are, however, several factors that can cause FFO per
share to vary from levels that have been anticipated by the Company. These
factors include, but are not limited to, changes in interest rates and
occupancy rates, periodically accessing the capital markets, the level and
timing of property and entity acquisitions and dispositions, lease rollovers,
the general real estate market, and the economy.

2012 Estimates

Excluding the one-time costs associated with the closing of the ARCT
transaction, the Company estimates that 2012 normalized FFO per share should
range from $2.00 to $2.04 per share, an increase of 1.0% to 3.0% over the 2011
FFO per share of $1.98. Normalized FFO per share for 2012 is based on an
estimated net income per share range of $0.92 to $0.96 plus estimated real
estate depreciation of $1.16 and reduced by potential gains on sales of
investment properties of $0.08 per share (in accordance with NAREIT’s
definition of FFO).

The Company estimates that 2012 Adjusted Funds from Operations (AFFO) should
range from $2.06 to $2.11per share, an increase of 2.5% to 5.0% over the 2011
AFFO per share of $2.01. The AFFO per share estimate for 2012 is based on
adding back items to normalized FFO totaling $0.12 to $0.13, that reduce net
income, and deducting capitalized expenditures and straight-line rent revenue
items totaling approximately $0.06, for a net increase of $0.06 to $0.07 over
FFO.

2013 Earnings Estimates (assuming a December 31, 2012 ARCT transaction closing
date)

The Company estimates that 2013 FFO per share should range from $2.30 to $2.36
per share, an increase of 12.7% to 18.0% over the 2012 estimated FFO per share
of $2.00 to $2.04. FFO per share for 2013 is based on an estimated net income
per share range of $0.93 to $0.99, plus estimated real estate depreciation of
$1.44 and reduced by potential gains on sales of investment properties of
$0.07 per share (in accordance with NAREIT’s definition of FFO).

The Company estimates that 2013 Adjusted Funds from Operations (AFFO) should
range from $2.31 to $2.37per share, an increase of 9.5% to 15.0% over the
2012 estimated AFFO per share of $2.06 to $2.11. The AFFO per share estimate
for 2013 is based on adding back items to FFO, that reduce net income,
totaling $0.08 to $0.10, and deducting capitalized expenditures and
straight-line rent revenue items totaling approximately $0.05 to $0.07, for a
net increase of $0.01 to $0.05 over FFO.

Realty Income considers FFO and AFFO to be appropriate supplemental measures
of a real estate investment trust’s (REIT’s) operating performance. Realty
Income defines FFO consistent with the National Association of Real Estate
Investment Trust’s (NAREIT’s) definition as net income available to common
stockholders plus depreciation and amortization of real estate assets, reduced
by gains on sales of investment properties and extraordinary items. AFFO
further adjusts FFO for unique revenue and expense items which are not
pertinent to the measurement of Realty Income’s ongoing operating performance.

About Realty Income

Realty Income is The Monthly Dividend Company^®, a New York Stock Exchange
real estate company dedicated to providing shareholders with dependable
monthly income. As of September 30, 2012, the Company had paid 506 consecutive
monthly dividends throughout its 43-year operating history. The monthly income
is supported by the cash flows from over 2,800 properties owned under
long-term lease agreements with 144 leading regional and national commercial
enterprises. The Company is an active buyer of net-leased properties
nationwide. Additional information about the Company can be obtained from the
corporate website at www.realtyincome.com or www.twitter.com/realtyincome.

Forward-Looking Statements

Statements in this press release that 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, tenant financial health,
the availability of capital to finance planned growth, continued volatility
and uncertainty in the credit markets and broader financial markets, 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 our proposed acquisition of American Capital Realty Trust, as
described in the Company’s filings with the Securities and Exchange
Commission. Consequently, 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: Realty Income press releases are available via the internet
at http://www.realtyincome.com/invest/newsroom-library/press-releases.shtml.

                                                              
CONSOLIDATED STATEMENTS OF INCOME

For the three and nine months ended September 30, 2012 and 2011

(dollars in thousands, except per share amounts - unaudited)
                                                                           
                     Three             Three             Nine Months       Nine Months
                     Months            Months            Ended             Ended
                     Ended             Ended             9/30/12           9/30/11
                     9/30/12           9/30/11
REVENUE
Rental               $ 119,845         $ 105,742         $ 348,682         $ 302,600
Other                 392             488             1,250           886     
                                                                           
Total revenue         120,237         106,230         349,932         303,486 
                                                                           
EXPENSES
Depreciation
and                    37,806            31,561            108,282           86,606
amortization
Interest               29,720            28,550            87,477            79,318
General and            9,335             7,143             27,775            23,001
administrative
Property               1,951             1,657             6,500             4,941
Merger-related         5,495             --                5,495             --
costs
Income taxes          405             367             1,215           1,102   
                                                                           
Total expenses        84,712          69,278          236,744         194,968 
                                                                           
Income from
continuing             35,525            36,952            113,188           108,518
operations
Income from
discontinued          1,933           3,828           6,941           7,509   
operations
                                                                           
Net income             37,458            40,780            120,129           116,027
Preferred
stock                  (10,482 )         (6,063  )         (30,435 )         (18,190 )
dividends
Excess of
redemption
value over
carrying value        --              --              (3,696  )        --      
of preferred
shares
redeemed
                                                                           
Net income
available to         $ 26,976         $ 34,717         $ 85,998         $ 97,837  
common
stockholders
                                                                           
Funds from
operations
available to         $ 63,420          $ 63,574          $ 189,283         $ 181,314
common
stockholders
(FFO)
Normalized
funds from
operations
available to         $ 68,915          $ 63,574          $ 194,778         $ 181,314
common
stockholders
(Normalized
FFO)
Adjusted funds
from
operations
available to         $ 68,496          $ 64,239          $ 201,290         $ 184,847
common
stockholders
(AFFO)
                                                                           
Per share
information
for common
stockholders:
Income from
continuing
operations,          $ 0.19            $ 0.24            $ 0.60            $ 0.73
basic and
diluted
Net income,
basic and            $ 0.20            $ 0.27            $ 0.65            $ 0.79
diluted
FFO:
Basic                $ 0.48            $ 0.50            $ 1.43            $ 1.46
Diluted              $ 0.48            $ 0.50            $ 1.42            $ 1.46
Normalized
FFO, basic and       $ 0.52            $ 0.50            $ 1.47            $ 1.46
diluted
AFFO, basic          $ 0.52            $ 0.51            $ 1.52            $ 1.49
and diluted
Cash dividends
paid per             $ 0.443           $ 0.435           $ 1.317           $ 1.301
common share
                                                                                     
                                                                                     

                                                                          
FUNDS FROM OPERATIONS (FFO)

(dollars in thousands, except per share amounts)
                                                                                       
                     Three Months          Three Months          Nine Months           Nine Months

                     Ended 9/30/12         Ended 9/30/11         Ended 9/30/12         Ended 9/30/11
Net income
available to         $ 26,976              $ 34,717              $ 85,998              $ 97,837
common
stockholders
Depreciation
and
amortization:
Continuing             37,806                31,561                108,282               86,606
operations
Discontinued           75                    334                   541                   1,200
operations
Depreciation
of furniture,          (59         )         (58         )         (195        )         (178        )
fixtures &
equipment
Provisions for
impairment on
Realty Income          667                   169                   667                   378
investment
properties
Gain on sales
of investment
properties:
Continuing             --                    (55         )         --                    (210        )
operations
Discontinued          (2,045      )        (3,094      )        (6,010      )        (4,319      )
operations
Funds from
operations
available to           63,420                63,574                189,283               181,314
common
stockholders
Merger-related
costs,
including             5,495               --                  5,495               --          
estimated
accruals
Normalized FFO
available to         $ 68,915             $ 63,574             $ 194,778            $ 181,314     
common
stockholders
FFO per common
share:
Basic                $ 0.48                $ 0.50                $ 1.43                $ 1.46
Diluted              $ 0.48                $ 0.50                $ 1.42                $ 1.46
Normalized FFO
per common           $ 0.52                $ 0.50                $ 1.47                $ 1.46
share, basic
and diluted
Dividends paid
to common            $ 59,167              $ 55,145              $ 175,719             $ 161,276
stockholders
Normalized FFO
in excess of
dividends paid       $ 9,748               $ 8,429               $ 19,059              $ 20,038
to common
stockholders
Weighted
average number
of common
shares used
for
computation
per share:
Basic                  132,764,877           126,376,201           132,731,984           123,921,317
Diluted                132,931,813           126,582,609           132,845,970           124,013,142
                                                                                                     

We define FFO, a non-GAAP measure, consistent with the National Association of
Real Estate Investment Trust’s definition, as net income available to common
stockholders, plus depreciation and amortization of real estate assets, plus
impairments of real estate assets, reduced by gains on sales of investment
properties and extraordinary items. We define normalized FFO, a non-GAAP
measure, as FFO excluding the one-time merger-related costs for our proposed
acquisition of ARCT.


ADJUSTED FUNDS FROM OPERATIONS (AFFO)

(dollars in thousands, except per share amounts)

Most companies in our industry use a similar measurement to AFFO, but they may use
the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available
for Distribution).
                      Three            Three            Nine Months       Nine Months
                      Months           Months
                                               Ended          Ended
                      Ended            Ended            9/30/12           9/30/11
                      9/30/12          9/30/11
Net income
available to          $ 26,976         $ 34,717         $ 85,998          $ 97,837
common
stockholders
Cumulative
adjustments to
calculate              41,939         28,857         108,780         83,477  
normalized
FFO^(1)
Normalized FFO
available to            68,915           63,574           194,778           181,314
common
stockholders
Excess of
redemption
value over
carrying value          --               --               3,696             --
of preferred
share
redemption
Amortization of
share-based             2,230            1,751            7,780             6,098
compensation
Amortization of
deferred                522              486              1,633             1,335
financing
costs^(2)
Capitalized
leasing costs           (521   )         (595   )         (1,218  )         (1,243  )
and commissions
Capitalized
building                (1,576 )         (528   )         (3,283  )         (1,737  )
improvements
Other                  (1,074 )        (449   )        (2,096  )        (920    )
adjustments^(3)
Total AFFO
available to          $ 68,496        $ 64,239        $ 201,290        $ 184,847 
common
stockholders
AFFO per common
share, basic          $ 0.52           $ 0.51           $ 1.52            $ 1.49
and diluted
Dividends paid
to common             $ 59,167         $ 55,145         $ 175,719         $ 161,276
stockholders
AFFO in excess
of dividends          $ 9,329          $ 9,094          $ 25,571          $ 23,571
paid to common
stockholders
                                                                          

^(1)   See FFO and normalized FFO calculation above for reconciling items.
         Includes the amortization of costs incurred and capitalized when our
         senior notes were issued in March 2003, November 2003, March 2005,
         September 2005, September 2006, September 2007, June 2010 and June
         2011. Additionally, this includes the amortization of deferred
^(2)     financing costs incurred and capitalized in connection with our
         assumption of the mortgages payable in 2011. These costs are being
         amortized over the lives of the respective mortgages. No costs
         associated with our credit facility agreements or annual fees paid to
         credit rating agencies have been included.
^(3)     Includes straight-line rent revenue, and the amortization of above
         and below-market leases.
         
         

                                                                                             
HISTORICAL FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

(dollars in thousands, except per share amounts)
                                                                                                             
                                                                                                             
For the three
months ended         2012                  2011                  2010                  2009                  2008
September 30,
                                                                                                             
Net income
available to         $ 26,976              $ 34,717              $ 25,591              $ 27,089              $ 28,634
common
stockholders
Depreciation
and                    37,822                31,837                24,132                22,879                22,844
amortization
Provisions for
impairment on
Realty Income          667                   169                   84                    --                    --
investment
properties
Gain on sales
of investment         (2,045      )        (3,149      )        (1,919      )        (1,814      )        (5,730      )
properties
                                                                                                             
Total FFO              63,420                63,574                47,888                48,154                45,748
Merger-related
costs,
including             5,495               --                  --                  --                  --          
estimated
accruals
Normalized FFO       $ 68,915             $ 63,574             $ 47,888             $ 48,154             $ 45,748      
                                                                                                             
Normalized FFO
per diluted          $ 0.48                $ 0.50                $ 0.46                $ 0.47                $ 0.46
share
                                                                                                             
Normalized           $ 68,915              $ 63,574              $ 47,888              $ 48,154              $ 45,748
total FFO
Less FFO
contributed by        (232        )        (190        )        (221        )        (207        )        (238        )
Crest
                                                                                                             
Normalized FFO
before Crest         $ 68,683             $ 63,384             $ 47,667             $ 47,947             $ 45,510      
contribution
                                                                                                             
Normalized FFO
components,
per diluted
share^(1):
FFO before
Crest                $ 0.52                $ 0.50                $ 0.46                $ 0.46                $ 0.45
contribution
Crest FFO            $ 0.00                $ 0.00                $ 0.00                $ 0.00                $ 0.00
contribution
Normalized           $ 0.52                $ 0.50                $ 0.46                $ 0.47                $ 0.46
Total FFO
                                                                                                             
AFFO                 $ 68,496              $ 64,239              $ 48,585              $ 48,499              $ 46,696
                                                                                                             
AFFO per             $ 0.52                $ 0.51                $ 0.47                $ 0.47                $ 0.47
diluted share
                                                                                                             
Cash dividends       $ 0.443               $ 0.435               $ 0.431               $ 0.427               $ 0.417
paid per share
Weighted
average                132,931,813           126,582,609           103,977,023           103,481,892           100,420,070
diluted shares
outstanding
                                                                                                             
                                                                                                             
For the nine
months ended         2012                  2011                  2010                  2009                  2008
September 30,
                                                                                                             
Net income
available to         $ 85,998              $ 97,837              $ 74,717              $ 77,606              $ 79,320
common
stockholders
Depreciation
and                    108,628               87,628                70,814                68,713                68,616
amortization
Provisions for
impairment on
Realty Income          667                   378                   171                   --                    --
investment
properties
Gain on sales
of investment         (6,010      )        (4,529      )        (4,284      )        (4,250      )        (9,439      )
properties
                                                                                                             
Total FFO              189,283               181,314               141,418               142,069               138,497
Merger-related
costs,
including             5,495               --                  --                  --                  --          
estimated
accruals
Normalized FFO       $ 194,778            $ 181,314            $ 141,418            $ 142,069            $ 138,497     
                                                                                                             
Normalized FFO
per diluted          $ 1.47                $ 1.46                $ 1.36                $ 1.37                $ 1.38
share
                                                                                                             
Normalized           $ 194,778             $ 181,314             $ 141,418             $ 142,069             $ 138,497
total FFO
Less FFO
contributed by        (578        )        (559        )        (585        )        (308        )        (1,338      )
Crest
                                                                                                             
Normalized FFO
before Crest         $ 194,200            $ 180,755            $ 140,833            $ 141,761            $ 137,159     
contribution
                                                                                                             
Normalized FFO
components,
per diluted
share:
FFO before
Crest                $ 1.46                $ 1.46                $ 1.36                $ 1.37                $ 1.37
contribution
Crest FFO            $ 0.00                $ 0.00                $ 0.01                $ 0.00                $ 0.01
contribution
Normalized           $ 1.47                $ 1.46                $ 1.36                $ 1.37                $ 1.38
total FFO
                                                                                                             
AFFO                 $ 201,290             $ 184,847             $ 143,930             $ 144,118             $ 144,604
                                                                                                             
AFFO per             $ 1.52                $ 1.49                $ 1.39                $ 1.39                $ 1.44
diluted share
                                                                                                             
Cash dividends       $ 1.317               $ 1.301               $ 1,290               $ 1,279               $ 1,239
paid per share
Weighted
average                132,845,970           124,013,142           103,887,679           103,532,894           100,462,396
diluted shares
outstanding
                                                                                                             

       The above FFO per share amounts have been rounded to the nearest two
^(1)  decimals and, as such, the individual amounts may not add up to the
       “Total FFO” amount.
       
       

                                                    
CONSOLIDATED BALANCE SHEETS

As of September 30, 2012 and December 31, 2011

(dollars in thousands, except per share amounts)
                                                                 
                                 2012                            2011
                                 (unaudited)
ASSETS
Real estate, at cost:
Land                             $ 1,914,482                     $ 1,749,378
Buildings and improvements        3,714,597                     3,222,603 
Total real estate, at cost         5,629,079                       4,971,981
Less accumulated
depreciation and                  (901,501  )                    (814,126  )
amortization
                                                                 
Net real estate held for           4,727,578                       4,157,855
investment
Real estate held for sale,        7,110                         2,153     
net
Net real estate                    4,734,688                       4,160,008
Cash and cash equivalents          2,794                           4,165
Accounts receivable, net           17,187                          15,375
Goodwill                           17,010                          17,206
Other assets, net                 264,647                       222,635   
                                                                 
Total assets                     $ 5,036,326                    $ 4,419,389 
                                                                 
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Distributions payable            $ 23,704                        $ 21,405
Accounts payable and               38,026                          58,770
accrued expenses
Other liabilities                  39,499                          29,179
Lines of credit payable            609,000                         237,400
Mortgages payable, net             133,394                         67,781
Notes payable                     1,750,000                     1,750,000 
                                                                 
Total liabilities                 2,593,623                     2,164,535 
                                                                 
Stockholders’ equity:
Preferred stock and paid
in capital, par value
$0.01 per share 69,900,000
shares authorized and
25,150,000 shares issued
and outstanding as of              609,363                         337,790
September 30, 2012, and
20,000,000 shares
authorized and 13,900,000
shares issued and
outstanding as of December
31, 2011
Common stock and paid in
capital, par value $0.01
per share 370,100,000
shares authorized and
133,452,011 shares issued
and outstanding as of              2,569,871                       2,563,048
September 30, 2012, and
200,000,000 shares
authorized and 133,223,338
shares issued and
outstanding as of December
31, 2011
Distributions in excess of        (736,531  )                    (645,984  )
net income
                                                                 
Total stockholders’ equity        2,442,703                     2,254,854 
                                                                 
Total liabilities and            $ 5,036,326                    $ 4,419,389 
stockholders’ equity
                                                                 
                                                                 

                                                                                                                 
Realty Income Performance vs. Major Stock Indices
                                                                                                                               
                                           Equity                                                                              NASDAQ
               Realty Income               REIT Index^(1)              DJIA                        S&P 500                     Composite
               Dividend   Total          Dividend   Total          Dividend   Total          Dividend   Total          Dividend   Total
               Yield        Return^(2)     Yield        Return^(3)     Yield        Return^(3)     Yield        Return^(3)     Yield        Return^(4)
                                                                                                                                            
1995           8.3   %      42.0   %       7.4   %      15.3   %       2.4   %      36.9    %      2.3   %      37.6    %      0.6   %      39.9   %
1996           7.9   %      15.4   %       6.1   %      35.3   %       2.2   %      28.9    %      2.0   %      23.0    %      0.2   %      22.7   %
1997           7.5   %      14.5   %       5.5   %      20.3   %       1.8   %      24.9    %      1.6   %      33.4    %      0.5   %      21.6   %
1998           8.2   %      5.5    %       7.5   %      (17.5  %)      1.7   %      18.1    %      1.3   %      28.6    %      0.3   %      39.6   %
1999           10.5  %      (8.7   %)      8.7   %      (4.6   %)      1.3   %      27.2    %      1.1   %      21.0    %      0.2   %      85.6   %
2000           8.9   %      31.2   %       7.5   %      26.4   %       1.5   %      (4.7    %)     1.2   %      (9.1    %)     0.3   %      (39.3  %)
2001           7.8   %      27.2   %       7.1   %      13.9   %       1.9   %      (5.5    %)     1.4   %      (11.9   %)     0.3   %      (21.1  %)
2002           6.7   %      26.9   %       7.1   %      3.8    %       2.6   %      (15.0   %)     1.9   %      (22.1   %)     0.5   %      (31.5  %)
2003           6.0   %      21.0   %       5.5   %      37.1   %       2.3   %      28.3    %      1.8   %      28.7    %      0.6   %      50.0   %
2004           5.2   %      32.7   %       4.7   %      31.6   %       2.2   %      5.6     %      1.8   %      10.9    %      0.6   %      8.6    %
2005           6.5   %      (9.2   %)      4.6   %      12.2   %       2.6   %      1.7     %      1.9   %      4.9     %      0.9   %      1.4    %
2006           5.5   %      34.8   %       3.7   %      35.1   %       2.5   %      19.0    %      1.9   %      15.8    %      0.8   %      9.5    %
2007           6.1   %      3.2    %       4.9   %      (15.7  %)      2.7   %      8.8     %      2.1   %      5.5     %      0.8   %      9.8    %
2008           7.3   %      (8.2   %)      7.6   %      (37.7  %)      3.6   %      (31.8   %)     3.2   %      (37.0   %)     1.3   %      (40.5  %)
2009           6.6   %      19.3   %       3.7   %      28.0   %       2.6   %      22.6    %      2.0   %      26.5    %      1.0   %      43.9   %
2010           5.1   %      38.6   %       3.5   %      27.9   %       2.6   %      14.0    %      1.9   %      15.1    %      1.2   %      16.9   %
2011           5.0   %      7.3    %       3.8   %      8.3    %       2.8   %      8.3     %      2.3   %      2.1     %      1.3   %      (1.8   %)
YTD Q3         4.4   %      20.7   %       3.4   %      16.1   %       2.6   %      12.2    %      2.2   %      16.4    %      1.3   %      20.7   %
2012
                                                                                                                                                   
Compounded

Average
                            17.7   %                    11.0   %                    9.6     %                   8.5     %                   8.3    %
Annual
Total

Return^(5)
                                                                                                                                            

Note: All of these Dividend Yields are calculated as annualized dividend based
on last dividend paid in applicable time period divided by closing price as of
period end. Dividend Yield sources: NAREIT website and Bloomberg.

^(1)   FTSE NAREIT US Equity REIT Index, as per NAREIT website.
         Calculated as the difference between the closing stock price as of
^(2)     period end less the closing stock price as of previous period, plus
         dividends paid in period, divided by closing stock price as of end of
         previous period. Does not include reinvestment of dividends.
^(3)     Includes reinvestment of dividends. Sources: NAREIT website and
         Factset.
^(4)     Price only index, does not include dividends. Source: Factset.
         All of these Compounded Average Annual Total Return rates are
         calculated in the same manner: from Realty Income’s NYSE listing on
         October 18, 1994 through September 30, 2012, and assuming
^(5)     reinvestment of dividends, except for NASDAQ. Past performance does
         not guarantee future performance. Realty Income presents this data
         for informational purposes only and makes no representation about its
         future performance or how it will compare in performance to other
         indices in the future.
         
         

                        Property Type Diversification

The following table sets forth certain property type information regarding
Realty Income’s property portfolio as of September 30, 2012 (dollars in
thousands):

                                                               
                                                                 Rental          Percentage
                                               Approximate       Revenue         of
                                                                 for
                                                                 the
                          Number of            Leasable          Quarter         Rental
                                                                 Ended
                                                                 September
      Property Type    Properties      Square Feet    30,          Revenue
                                                                 2012^(1)
      Retail              2,771                25,697,200        $ 102,959       85.8    %
      Agriculture         15                   184,500             5,138         4.3
      Distribution        20                   4,741,500           4,578         3.8
      Manufacturing       8                    2,030,300           2,745         2.3
      Office              9                    824,000             3,000         2.5
      Industrial       15              850,500         1,570      1.3     
      Totals           2,838           34,328,000     $ 119,990    100.0   %
                                                                                 

               Includes rental revenue for all properties owned by Realty
   ^(1)   Income at September 30, 2012, including revenue from properties
               reclassified as discontinued operations of $168. Excludes
               revenue of $23 from properties owned by Crest.
               
               

                           Industry Diversification

The following table sets forth certain information regarding Realty Income’s
property portfolio classified according to the business of the respective
tenants, expressed as a percentage of our total rental revenue:

                     Percentage of Rental Revenue^(1)
                       For the     For the Years Ended
                       Quarter
                       Ended

                    September   Dec 31,   Dec 31,   Dec 31,   Dec 31,   Dec 31,   Dec 31,
                       30,           2011        2010        2009        2008        2007        2006

                       2012
Retail Industries                                                                     
Apparel stores         1.4    %      1.4   %     1.2   %     1.1   %     1.1   %     1.2   %     1.7   %
Automotive             1.2           0.9         1.0         1.1         1.0         1.1         1.3
collision services
Automotive parts       1.0           1.2         1.4         1.5         1.6         2.1         2.8
Automotive service     3.1           3.7         4.7         4.8         4.8         5.2         6.9
Automotive tire        4.7           5.6         6.4         6.9         6.7         7.3         6.1
services
Book stores            0.1           0.1         0.1         0.2         0.2         0.2         0.2
Business services      *             *           *           *           *           0.1         0.1
Child care             4.5           5.2         6.5         7.3         7.6         8.4         10.3
Consumer               0.5           0.5         0.6         0.7         0.8         0.9         1.1
electronics
Convenience stores     16.3          18.5        17.1        16.9        15.8        14.0        16.1
Crafts and             0.3           0.2         0.3         0.3         0.3         0.3         0.4
novelties
Dollar stores          3.0           --          --          --          --          --          --
Drug stores            3.5           3.8         4.1         4.3         4.1         2.7         2.9
Education              0.7           0.7         0.8         0.9         0.8         0.8         0.8
Entertainment          1.0           1.0         1.2         1.3         1.2         1.4         1.6
Equipment services     0.1           0.2         0.2         0.2         0.2         0.2         0.2
Financial services     0.2           0.2         0.2         0.2         0.2         0.2         0.1
General                0.5           0.6         0.8         0.8         0.8         0.7         0.6
merchandise
Grocery stores         3.7           1.6         0.9         0.7         0.7         0.7         0.7
Health and fitness     6.7           6.4         6.9         5.9         5.6         5.1         4.3
Home furnishings       1.0           1.1         1.3         1.3         2.4         2.6         3.1
Home improvement       1.5           1.7         2.0         2.2         2.1         2.4         3.4
Motor vehicle          2.0           2.2         2.6         2.7         3.2         3.1         3.4
dealerships
Office supplies        0.8           0.9         0.9         1.0         1.0         1.1         1.3
Pet supplies and       0.6           0.7         0.9         0.9         0.8         0.9         1.1
services
Restaurants -          7.3           10.9        13.4        13.7        14.3        14.9        7.0
casual dining
Restaurants -          5.9           6.6         7.7         8.3         8.2         6.6         4.9
quick service
Shoe stores            0.1           0.2         0.1         --          --          --          --
Sporting goods         2.4           2.7         2.7         2.6         2.3         2.6         2.9
Theaters               9.5           8.8         8.9         9.2         9.0         9.0         9.6
Transportation         0.2           0.2         0.2         0.2         0.2         0.2         0.3
services
Video rental           0.0           0.0         0.2         1.0         1.1         1.7         2.1
Wholesale clubs        2.8           0.7         --          --          --          --          --
Other                  0.1        0.1      0.1      0.1      0.1      0.1      0.2   
Retail Industries      86.7   %    88.6  %   95.4  %   98.3  %   98.2  %   97.8  %   97.5  %
                                                                                                 
                                                                                                 
Non-retail
Industries
Aerospace              1.0           0.5         --          --          --          --          --
Beverages              5.1           5.6         3.0         --          --          --          --
Consumer               0.2           --          --          --          --          --          --
appliances
Consumer goods         *             --          --          --          --          --          --
Diversified            *             --          --          --          --          --          --
industrial
Equipment services     0.2           0.2         --          --          --          --          --
Financial services     0.4           0.3         --          --          --          --          --
Food processing        1.2           0.7         --          --          --          --          --
Insurance              0.1           --          --          --          --          --          --

Machinery              0.2           --          --          --          --          --          --

Packaging              0.6           0.4         --          --          --          --          --
Paper                  0.1           0.1         --          --          --          --          --
Telecommunications     0.8           0.7         --          --          --          --          --
Transportation         2.3           1.6         --          --          --          --          --
services
Other                1.1        1.3      1.6      1.7      1.8      2.2      2.5   
Non-retail           13.3   %    11.4  %   4.6   %   1.7   %   1.8   %   2.2   %   2.5   %
Industries
Totals               100.0  %    100.0 %   100.0 %   100.0 %   100.0 %   100.0 %   100.0 %
                                                                                                 

*      Less than 0.1%
         Includes rental revenue for all properties owned by Realty Income at
^(1)     the end of each period presented, including revenue from properties
         reclassified as discontinued operations. Excludes revenue from
         properties owned by Crest.
         
         


Tenant Diversification

Largest Tenants based on Percentage of Total Portfolio Rental Revenue at
September 30, 2012
AMC Theatres            4.8 %      NPC International/Pizza    2.4 %
                                           Hut
L.A. Fitness               4.7 %           Rite Aid                      2.4 %
Diageo                     4.7 %           Friendly’s Ice Cream          2.2 %
BJ’s Wholesale Club        4.6 %           Smart & Final                 2.2 %
Northern Tier              4.0 %           FreedomRoads/Camping          2.1 %
Energy/Super America                       World
Regal Cinemas              3.3 %           FedEx                         2.1 %
The Pantry                 2.8 %           TBC Corporation               2.0 %
Family Dollar              2.5 %
                                                                         
                                                                         

                              Lease Expirations

The following table sets forth certain information regarding Realty Income's
property portfolio regarding the timing of the lease term expirations
(excluding rights to extend a lease at the option of the tenant) on our 2,739
net leased, single-tenant properties as of September 30, 2012 (dollars in
thousands):

            Total Portfolio                                         Initial Expirations^(3)              Subsequent Expirations^(4)
                                              Rental                                 Rental                                 Rental

                                              Revenue                                Revenue                                Revenue
                                                            % of                                   % of                                  % of
              Number           Approx.        for the                   Number       for the                   Number       for the
                                                            Total                                  Total                                 Total
Year        of Leases      Leasable     Quarter               of         Quarter               of         Quarter   
                                                            Rental      Leases                     Rental      Leases                    Rental
              Expiring^(1)     Sq. Feet       Ended                                  Ended                                  Ended
                                                            Revenue     Expiring                   Revenue     Expiring                  Revenue
                                              Sept. 30,                              Sept. 30,                              Sept.
                                                                                                                            30,
                                              2012^(2)                               2012
                                                                                                                            2012
2012          59             430,000      $ 1,503     1.3   %   10         $ 275       0.2   %   49         $ 1,228    1.1   %
2013          157              1,232,800        4,020       3.4         54             1,739       1.5         103            2,281      1.9
2014          155              1,024,300        3,716       3.2         52             1,606       1.4         103            2,110      1.8
2015          156              834,500          3,583       3.0         67             1,776       1.5         89             1,807      1.5
2016          175              885,200          3,739       3.2         114            2,329       2.0         61             1,410      1.2
2017          146              1,816,700        4,581       3.9         44             2,539       2.2         102            2,042      1.7
2018          116              1,863,300        5,265       4.5         91             4,494       3.8         25             771        0.7
2019          142              1,505,700        7,274       6.2         132            6,813       5.8         10             461        0.4
2020          85               1,928,400        5,219       4.4         75             4,873       4.1         10             346        0.3
2021          163              2,272,900        7,351       6.2         155            6,841       5.8         8              510        0.4
2022          122              2,805,900        5,422       4.6         113            5,207       4.4         9              215        0.2
2023          255              2,272,500        10,545      9.0         250            10,106      8.6         5              439        0.4
2024          61               676,900          2,459       2.1         61             2,459       2.1         --             --         --
2025          255              2,713,600        12,267      10.4        250            12,149      10.3        5              118        0.1
2026          112              1,918,200        7,487       6.4         109            7,405       6.3         3              82         0.1
2027-2043   580            8,494,700     33,298    28.2     571         33,111    28.1     9           187      0.1   
Totals      2,739          32,675,600   $ 117,729   100.0 %   2,148      $ 103,722   88.1  %   591        $ 14,007   11.9  %
                                                                                                                                               

         Excludes 15 multi-tenant properties and 84 vacant unleased
^(1)   properties, one of which is a multi-tenant property. The lease
         expirations for properties under construction are based on the
         estimated date of completion of those properties.
         Includes rental revenue of $168 from properties reclassified as
         discontinued operations and excludes revenue of $2,261 from 15
^(2)     multi-tenant properties and from 84 vacant and unleased properties at
         September 30, 2012. Excludes revenue of $23 from three properties
         owned by Crest.
^(3)     Represents leases to the initial tenant of the property that are
         expiring for the first time.
^(4)     Represents lease expirations on properties in the portfolio, which
         have previously been renewed, extended or re-tenanted.
         
         

                          Geographic Diversification

The following table sets forth certain state-by-state information regarding
Realty Income's property portfolio as of September 30, 2012 (dollars in
thousands):

                                                              Rental
                                                              Revenue
                                                              for           Percentage
                                              Approximate                   of
                   Number of      Percent                     the
State                                   Leasable      Quarter     Rental
                   Properties     Leased                      Ended
                                              Square Feet                   Revenue
                                                              September
                                                              30,
                                                              2012^(1)
Alabama          65           94   %    450,500       $ 1,799     1.5     %
Alaska             2              100         128,500           307         0.3
Arizona            97             98          713,300           3,417       2.8
Arkansas           17             100         105,100           320         0.3
California         137            100         3,670,500         15,729      13.1
Colorado           59             95          507,400           1,961       1.6
Connecticut        25             96          456,500           1,283       1.1
Delaware           16             100         29,500            391         0.3
Florida            188            97          2,088,900         7,917       6.6
Georgia            144            93          1,274,900         4,993       4.2
Hawaii             --             --          --                --          --
Idaho              12             100         80,700            332         0.3
Illinois           104            99          1,367,400         6,156       5.1
Indiana            84             96          830,600           3,750       3.1
Iowa               28             89          1,876,600         1,211       1.0
Kansas             53             94          790,500           1,512       1.3
Kentucky           23             96          138,900           629         0.5
Louisiana          39             100         384,600           1,419       1.2
Maine              3              100         22,500            139         0.1
Maryland           30             100         492,500           2,255       1.9
Massachusetts      64             92          575,400           2,279       1.9
Michigan           64             100         374,700           1,492       1.2
Minnesota          150            100         1,003,600         6,756       5.6
Mississippi        77             95          775,300           1,817       1.5
Missouri           77             99          1,047,300         3,857       3.2
Montana            2              100         30,000            89          0.1
Nebraska           20             100         204,100           561         0.5
Nevada             16             100         333,700           1,054       0.9
New Hampshire      15             93          217,200           944         0.8
New Jersey         32             94          258,000           1,934       1.6
New Mexico         17             100         139,000           401         0.3
New York           44             98          899,800           4,271       3.6
North Carolina     94             97          851,800           2,878       2.4
North Dakota       6              100         36,600            59          *
Ohio               143            97          1,678,100         4,584       3.8
Oklahoma           42             95          813,400           1,458       1.2
Oregon             20             100         384,200           1,240       1.0
Pennsylvania       105            98          1,092,500         4,173       3.5
Rhode Island       3              100         11,000            37          *
South Carolina     99             98          426,700           2,469       2.1
South Dakota       10             100         89,800            186         0.2
Tennessee          133            97          1,076,000         2,992       2.5
Texas              284            96          3,759,900         11,150      9.3
Utah               9              100         159,300           413         0.3
Vermont            4              100         12,700            130         0.1
Virginia           110            97          1,680,800         4,707       3.9
Washington         35             94          298,100           1,086       0.9
West Virginia      2              100         23,000            125         0.1
Wisconsin          32             94          645,500           1,265       1.1
Wyoming          3            100      21,100         63        0.1     
Totals/Average   2,838        97   %    34,328,000    $ 119,990   100.0   %
                                                                                    

*      Less than 0.1%
         Includes rental revenue for all properties owned by Realty Income at
^(1)     September 30, 2012, including revenue from properties reclassified as
         discontinued operations of $168. Excludes revenue of $23 from
         properties owned by Crest.

Contact:

Realty Income Corporation
Tere H. Miller
Vice President, Corporate Communications
(760) 741-2111, ext. 1177
 
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