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ADDING and REPLACING Shareholders Approve Realty Income’s Acquisition of American Realty Capital Trust



  ADDING and REPLACING Shareholders Approve Realty Income’s Acquisition of
  American Realty Capital Trust

  Realty Income to Increase Common Stock Dividend, Provides Updated Earnings
         Estimates, and Provides Post Acquisition Company Information

Business Wire

ESCONDIDO, Calif. -- January 16, 2013

Please note addition of tables after last graph of release.

The entire release reads:

 SHAREHOLDERS APPROVE REALTY INCOME’S ACQUISITION OF AMERICAN REALTY CAPITAL
                                    TRUST

  Realty Income to Increase Common Stock Dividend, Provides Updated Earnings
         Estimates, and Provides Post Acquisition Company Information

Realty Income Corporation (Realty Income), The Monthly Dividend Company^®,
(NYSE:O), announced today that Realty Income and American Realty Capital Trust
(ARCT) shareholders have approved the acquisition of ARCT by Realty Income.
The transaction is expected to close later in January.

When the transaction closes, Realty Income will issue 45.6 million shares of
common stock to ARCT shareholders, based on a fixed exchange ratio of 0.2874
shares of Realty Income stock for each share of ARCT common stock owned, and
ARCT shareholders will receive a one-time cash payment of $0.35 per share. The
transaction will be essentially balance sheet neutral.

Commenting on the approved acquisition, Chief Executive Officer Tom A. Lewis
said, “We are very gratified to have received approval from both Realty Income
and ARCT shareholders to complete the acquisition of ARCT. As a result of this
transaction, we will significantly advance our strategic objective to increase
the overall credit quality of the revenue generated by our tenants. We are
also pleased that, due to the significant revenue and earnings growth as a
result of this acquisition, we are able to substantially increase our
dividend.”

Common Stock Dividend Increase

Realty Income further announced that it anticipates its Board of Directors
will declare an increase in the company’s common stock monthly cash dividend
to $0.1809167 per share from $0.15175 per share after the transaction closes.
When the dividend is increased, it will be the 70^th dividend increase since
Realty Income was listed on the New York Stock Exchange in 1994. The new
monthly dividend amount will represent an annualized dividend of $2.171 per
share, as compared to the previous annualized dividend of $1.821 per share, or
an increase of 19.2%.

Updated 2013 Earnings Estimates

The ARCT acquisition is anticipated to be immediately accretive to Realty
Income’s Normalized Funds from Operations (FFO) and Adjusted Funds from
Operations (AFFO). Normalized FFO is based on FFO adjusted to add back
merger-related costs. Based on the approved ARCT acquisition, combined with
the record $1.16 billion in new property acquisitions for 2012, the company is
increasing 2013 earnings estimates. The updated 2013 Normalized FFO and AFFO
estimates are as follows (excluding the one-time costs associated with the
ARCT transaction):

Normalized FFO per share for 2013 should range from $2.32 to $2.38 per share,
an increase of 13.7% to 19.0% over the Normalized 2012 FFO per share estimate
of $2.00 to $2.04. Normalized FFO per share for 2013 is based on an estimated
net income per share range of $1.04 to $1.10, plus estimated real estate
depreciation of $1.51 and reduced by potential estimated gains on sales of
investment properties of $0.23 per share (in accordance with NAREIT’s
definition of FFO).

AFFO per share for 2013 should range from $2.33 to $2.39 per share, an
increase of 10.4% to 16.0% 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 approximately $0.10, and deducting
capitalized expenditures and straight-line rent revenue items totaling
approximately $0.08, for a net increase of $0.01 to $0.02 over Normalized 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.

Post Acquisition Company Summary Information

Upon closing, Realty Income will add 515 freestanding commercial properties
that are owned by ARCT to the company’s real estate portfolio. These
properties are freestanding locations, which are net-leased to primarily
investment grade rated tenants doing business in 27 industries. After adding
these properties, Realty Income will own a total of 3,528 properties leased to
202 tenants doing business in 48 industries. Approximately 34% of the
anticipated lease revenue will be generated by investment grade rated tenants,
as compared to 19% prior to the ARCT acquisition. In addition, Realty Income
will achieve increased diversification by industry, tenant and property type,
increasing the number of industries to 48 from 44, the number of tenants to
202 from 150, and diversifying the property types to 77% retail, 11%
distribution facility, 6% office, 3% agriculture, 2% manufacturing, and 1%
industrial. With the acquisition of ARCT, the company will realize an increase
in its portfolio occupancy to 97.6% from 97.2%.

Upon the closing of the ARCT acquisition, Realty Income is expected to have a
total enterprise value of approximately $12.4 billion, and an equity market
capitalization of $8.4 billion, making the company the largest publicly traded
net-lease REIT by a factor of two times. Please see the charts and tables
below for more information.

About Realty Income

Realty Income, The Monthly Dividend Company^®, is a New York Stock Exchange
real estate company dedicated to providing shareholders with dependable
monthly income. To date the company has declared 510 consecutive common stock
monthly dividends throughout its 44-year operating history and increased the
dividend 69 times since Realty Income’s listing on the New York Stock Exchange
in 1994. The monthly income is supported by the cash flow from over 3,500
properties owned under long-term lease agreements with regional and national
retail chains and other 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.

Note to Editors: Realty Income press releases are available on the company’s
corporate website at:
http://www.realtyincome.com/invest/newsroom-library/press-releases.shtml.

                        Property Type Diversification

The following table sets forth certain property type information regarding
Realty Income’s property portfolio after the acquisition of American Realty
Capital Trust (dollars in thousands):

                                               Annualized    Percentage of
                                 Approximate   Rental        Annualized
                Number of        Leasable      Revenue       Rental
Property Type   Properties       Square Feet   at 12/31/12   Revenue        
Retail          3,387            32,853,300    $   549,943   77.2       %
Distribution    61               14,189,100        79,258    11.1
Office          40               2,221,700         39,752    5.6
Agriculture     15               184,500           20,551    2.9
Manufacturing   10               3,117,100         16,588    2.3
Industrial      15               850,500           6,320     0.9         
Totals          3,528            53,416,200    $   712,412   100.0      %
                                                                            

Tenant Diversification
 
Largest Tenants based on Percentage of Total Portfolio Rental Revenue at
December 31, 2012
FedEx                        5.5   %      Regal Cinemas                2.4  %
L.A. Fitness                 3.9   %      Dollar General               2.0  %
Family Dollar                3.5   %      The Pantry                   2.0  %
AMC Theatres                 3.5   %      Rite Aid                     1.9  %
Diageo                       3.3   %      NPC International/Pizza Hut  1.8  %
BJ’s Wholesale Club          3.3   %      Friendly’s Ice Cream         1.6  %
Walgreens                    2.9   %      CVS                          1.6  %
Northern Tier Energy/Super   2.9   %
America
                                                                        

                           Industry Diversification

The following table sets forth certain information regarding Realty Income's
property portfolio after the acquisition of American Realty Capital Trust
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 Years Ended
                 Percentage
                 of
                 Annualized    Dec     Dec     Dec     Dec     Dec 31, Dec 31,
                 Rental        31,     31,     31,     31,     2007    2006
                 Revenue       2011    2010    2009    2008
                 at
                 12/31/2012
Retail
Industries
Apparel stores   1.6         % 1.4   % 1.2   % 1.1   % 1.1   % 1.2   % 1.7   %
Automotive
collision        0.8           0.9     1.0     1.1     1.0     1.1     1.3
services
Automotive parts 1.1           1.2     1.4     1.5     1.6     2.1     2.8
Automotive       3.0           3.7     4.7     4.8     4.8     5.2     6.9
service
Automotive tire  3.2           5.6     6.4     6.9     6.7     7.3     6.1
services
Book stores      *             0.1     0.1     0.2     0.2     0.2     0.2
Business         *             *       *       *       *       0.1     0.1
services
Child care       3.0           5.2     6.5     7.3     7.6     8.4     10.3
Consumer         0.3           0.5     0.6     0.7     0.8     0.9     1.1
electronics
Convenience      11.6          18.5    17.1    16.9    15.8    14.0    16.1
stores
Crafts and       0.6           0.2     0.3     0.3     0.3     0.3     0.4
novelties
Dollar stores    5.6           --      --      --      --      --      --
Drug stores      6.6           3.8     4.1     4.3     4.1     2.7     2.9
Education        0.5           0.7     0.8     0.9     0.8     0.8     0.8
Entertainment    0.6           1.0     1.2     1.3     1.2     1.4     1.6
Equipment        0.1           0.2     0.2     0.2     0.2     0.2     0.2
services
Financial        1.9           0.2     0.2     0.2     0.2     0.2     0.1
services
General          1.2           0.6     0.8     0.8     0.8     0.7     0.6
merchandise
Grocery stores   3.2           1.6     0.9     0.7     0.7     0.7     0.7
Health and       5.2           6.4     6.9     5.9     5.6     5.1     4.3
fitness
Home furnishings 1.0           1.1     1.3     1.3     2.4     2.6     3.1
Home improvement 1.6           1.7     2.0     2.2     2.1     2.4     3.4
Jewelry          0.1           --      --      --      --      --      --
Motor vehicle    1.7           2.2     2.6     2.7     3.2     3.1     3.4
dealerships
Office supplies  0.5           0.9     0.9     1.0     1.0     1.1     1.3
Pet supplies and 0.9           0.7     0.9     0.9     0.8     0.9     1.1
services
Restaurants -    5.6           10.9    13.4    13.7    14.3    14.9    7.0
casual dining
Restaurants -    4.6           6.6     7.7     8.3     8.2     6.6     4.9
quick service
Shoe stores      0.9           0.2     0.1     --      --      --      --
Sporting goods   1.7           2.7     2.7     2.6     2.3     2.6     2.9
Theaters         6.4           8.8     8.9     9.2     9.0     9.0     9.6
Transportation   0.1           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  3.4           0.7     --      --      --      --      --
Other            0.1           0.1     0.1     0.1     0.1     0.1     0.2    
Retail           78.7        % 88.6  % 95.4  % 98.3  % 98.2  % 97.8  % 97.5  %
Industries
                                                                              

                     Industry Diversification (continued)

                               Percentage of Rental Revenue^(1)
                               For the Years Ended
                    Percentage
                    of
                    Annualized
                               Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
                    Rental     2011    2010    2009    2008    2007    2006

                    Revenue at
                    12/31/2012
Other Industries
Aerospace           0.9        0.5     --      --      --      --      --
Beverages           3.5        5.6     3.0     --      --      --      --
Consumer appliances 0.7        --      --      --      --      --      --
Consumer goods      1.1        --      --      --      --      --      --
Diversified         0.1        --      --      --      --      --      --
industrial
Equipment services  0.3        0.2     --      --      --      --      --
Financial services  0.3        0.3     --      --      --      --      --
Food processing     1.5        0.7     --      --      --      --      --
Government services 1.5        --      --      --      --      --      --
Health care         2.0        --      --      --      --      --      --
Home furnishings    0.2        --      --      --      --      --      --
Insurance           0.1        --      --      --      --      --      --
Machinery           0.2        --      --      --      --      --      --
Other manufacturing 0.5        --      --      --      --      --      --
Packaging           1.0        0.4     --      --      --      --      --
Paper               0.2        0.1     --      --      --      --      --
Telecommunications  0.7        0.7     --      --      --      --      --
Transportation      5.7        1.6     --      --      --      --      --
services
Other               0.8        1.3     1.6     1.7     1.8     2.2     2.5    
Other Industries    21.3    %  11.4  % 4.6   % 1.7   % 1.8   % 2.2   % 2.5   %
Totals              100.0   %  100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
 * Less than 0.1%
^(1) Includes rental revenue for all properties owned by Realty Income at the
end of each period presented, including revenue from properties reclassified
as discontinued operations. Excludes revenue from properties owned by Crest.
 

                          Geographic Diversification

The following table sets forth certain state-by-state information regarding
Realty Income's property portfolio after the acquisition of American Realty
Capital Trust (dollars in thousands):

                                                      Annualized   Percentage
                                        Approximate                of
                 Number of    Percent                 Rental       Annualized
State                                   Leasable                               
                 Properties   Leased                  Revenue      Rental
                                        Square Feet
                                                      at           Revenue
                                                      12/31/2012
Alabama          87           97   %    658,800       $  10,097    1.4        %
Alaska           2            100       128,500          1,226     0.2
Arizona          101          98        1,079,000        19,713    2.8
Arkansas         27           96        532,500          4,160     0.6
California       152          100       4,497,800        80,373    11.3
Colorado         65           97        618,700          9,584     1.3
Connecticut      26           92        475,600          8,349     1.2
Delaware         16           100       29,500           1,562     0.2
Florida          234          98        2,443,700        41,373    5.8
Georgia          176          95        2,326,800        28,532    4.0
Hawaii           --           --        --               --        --
Idaho            14           93        97,500           1,812     0.3
Illinois         132          99        3,386,400        36,395    5.1
Indiana          91           98        909,300          16,820    2.4
Iowa             35           91        2,679,900        11,879    1.7
Kansas           76           96        1,557,300        11,940    1.7
Kentucky         36           97        514,000          8,857     1.2
Louisiana        65           100       619,800          9,171     1.3
Maine            5            100       67,700           1,550     0.2
Maryland         32           100       658,000          14,460    2.0
Massachusetts    82           94        699,900          11,768    1.7
Michigan         96           100       871,900          11,308    1.6
Minnesota        156          100       1,141,900        28,940    4.1
Mississippi      83           95        834,900          9,255     1.3
Missouri         108          99        1,744,300        24,573    3.4
Montana          2            100       30,000           282       *
Nebraska         26           100       377,700          4,772     0.7
Nevada           18           100       366,000          4,804     0.7
New Hampshire    18           94        280,000          4,588     0.6
New Jersey       66           97        449,000          10,374    1.5
New Mexico       21           100       166,800          2,048     0.3
New York         80           99        1,967,000        39,214    5.5
North Carolina   113          96        1,014,600        16,055    2.3
North Dakota     7            100       66,000           480       0.1
Ohio             177          97        4,163,000        34,867    4.9
Oklahoma         64           98        1,031,500        8,780     1.2
Oregon           23           100       394,900          5,344     0.8
Pennsylvania     147          99        1,702,700        27,326    3.8
Rhode Island     3            100       11,000           147       *
South Carolina   118          97        735,800          15,219    2.1
South Dakota     11           100       133,500          1,032     0.1
Tennessee        144          97        1,564,700        16,386    2.3
Texas            368          98        5,281,300        68,678    9.6
Utah             11           100       737,600          4,618     0.7
Vermont          5            100       78,000           1,675     0.2
Virginia         121          97        2,480,900        25,303    3.6
Washington       36           97        372,000          5,040     0.7
West Virginia    10           100       242,900          3,363     0.5
Wisconsin        35           94        1,145,600        7,204     1.0
Wyoming          3            100       21,100           257       *
                                                                                 
Puerto Rico      4            100       28,900           859       0.1         
Totals/Average   3,528        98   %    53,416,200    $  712,412   100.0      %
 

*Less than
0.1%
                                                                                 

              Realty Income Performance vs. Major Stock Indices

                               Equity              Dow Jones                               NASDAQ
           Realty Income       REIT Index^(1)      Industrial Average  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   %)
2012       4.5   %  20.1   %   3.5   %  19.7   %   3.0   %  10.2   %   2.5   %  16.0    %  2.6   %  15.9   %
Compounded
Average
Annual              17.4   %            11.0   %            9.3    %            8.3     %           7.8    %
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.

(2) Calculated as the difference between the closing stock price as of 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.

(5) 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 December 31, 2012, and assuming 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.

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Contact:

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