Exhibit 99.1

OPERATING RESULTS FOR SECOND QUARTER
AND FIRST SIX MONTHS OF 2014 ANNOUNCED BY REALTY INCOME

ESCONDIDO, CALIFORNIA, July 24, 2014...Realty Income Corporation (Realty Income), The Monthly Dividend Company® (NYSE: O), today announced operating results for the second quarter ended June 30, 2014. 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 June 30, 2014 (as compared to the same quarterly period in 2013):

·     Revenue increased 22.6% to $228.6 million as compared to $186.4 million

·     Net income available to common stockholders per share was $0.23

·     FFO available to common stockholders increased 21.1% to $142.4 million

·     FFO per share increased 6.7% to $0.64

·     AFFO available to common stockholders increased 22.1% to $141.2 million

·     AFFO per share increased 8.5% to $0.64

·     Same store rents increased 1.4% to $130.5 million

·     Portfolio occupancy increased to 98.3% from 98.2%

·     Invested $405.1 million in 73 new properties and properties under development or expansion

·     Increased the monthly dividend in June for the 76th time and for the 67th consecutive quarter

·     Dividends paid per common share increased 0.6%

·     Generated net proceeds of $528.6 million in a 13.8 million share common stock offering in April

·     Generated net proceeds of $346.6 million in a 3.875% senior unsecured notes offering in June

Financial Results

Revenue

Revenue, for the quarter ended June 30, 2014, increased 22.6% to $228.6 million as compared to $186.4 million, for the same quarter in 2013. Revenue, for the six months ended June 30, 2014, increased 24.4% to $450.2 million as compared to $362.0 million, for the same period in 2013.

Net Income Available to Common Stockholders

Net income available to common stockholders, for the quarter ended June 30, 2014, was $51.4 million as compared to $46.0 million, for the same quarter in 2013. Net income per share, for the quarter ended June 30, 2014, was $0.23, which is unchanged from the same quarter in 2013.

Net income available to common stockholders, for the six months ended June 30, 2014, was $98.6 million as compared to $108.7 million, for the same period in 2013. Net income per share, for the six months ended June 30, 2014, was $0.46 as compared to $0.59, for the same period in 2013. Net income available to common stockholders in the first six months of 2013 was impacted by an unusually large gain on sale of real estate, which represents $0.19 per share.

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

Funds From Operations Available to Common Stockholders (FFO)

FFO, for the quarter ended June 30, 2014, increased 21.1% to $142.4 million as compared to $117.6 million, for the same quarter in 2013. FFO per share, for the quarter ended June 30, 2014, increased 6.7% to $0.64 as compared to $0.60, for the same quarter in 2013.

FFO, for the six months ended June 30, 2014, increased 25.1% to $276.9 million as compared to $221.3 million, for the same period in 2013. FFO per share, for the six months ended June 30, 2014, increased 7.5% to $1.29 as compared to $1.20, for the same period in 2013.

Adjusted Funds From Operations Available to Common Stockholders (AFFO)

AFFO, for the quarter ended June 30, 2014, increased 22.1% to $141.2 million as compared to $115.6 million, for the same quarter in 2013. AFFO per share, for the quarter ended June 30, 2014, increased 8.5% to $0.64 as compared to $0.59, for the same quarter in 2013.

AFFO, for the six months ended June 30, 2014, increased 24.7% to $273.8 million as compared to $219.5 million, for the same period in 2013. AFFO per share, for the six months ended June 30, 2014, increased 7.6% to $1.28 as compared to $1.19, for the same period in 2013.

The company 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, plus impairments of real estate, reduced by gains on sales of investment properties and extraordinary items. FFO, for the first six months of 2013, has also been normalized to add back merger-related costs for the acquisition of ARCT. AFFO further adjusts FFO for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company’s ongoing operating performance. See the reconciliations of net income available to common stockholders to FFO and AFFO on page six.

Dividend Information

In June 2014, Realty Income announced the 67th consecutive quarterly dividend increase, which is the 76th 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 June 30, 2014, was approximately $2.194 per share. The amount of monthly dividends paid per share increased 0.6% to $0.547 in the second quarter of 2014 compared to $0.544 for the same period in 2013. In addition, through June 30, 2014, the company has paid 527 consecutive monthly dividends and over $3.0 billion 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 June 30, 2014, Realty Income’s portfolio of freestanding, single-tenant properties consisted of 4,263 properties located in 49 states and Puerto Rico, leased to 228 commercial tenants doing business in 47 industries. The properties are leased under long-term, net leases with a weighted average remaining lease term of approximately 10.6 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 June 30, 2014, portfolio occupancy was 98.3% with 74 properties available for lease out of a total of 4,263 properties in the portfolio, as compared to 98.2% portfolio occupancy, or 68 properties available for lease, as of June 30, 2013.

Since March 31, 2014, when we reported 73 properties available for lease, we had 40 lease expirations, re-leased 37 properties and sold two properties.  Of the 37 properties re-leased during the second quarter of 2014, 36 properties were re-leased to either existing or new tenants without vacancy, and one was re-leased to a new tenant after a period of vacancy.  The annual new rent on these leases was $5.2 million, as compared to the previous rent on these same properties of $5.0 million.

Rent Increases

During the quarter ended June 30, 2014, same store rents, on 2,774 properties under lease, increased 1.4% to $130.5 million, as compared to $128.7 million, for the same quarter in 2013. For the six months ended June 30, 2014, same store rents, on 2,774 properties under lease, increased 1.4% to $261.5 million, as compared to $257.8 million, for the same period in 2013.

Property Acquisitions

During the second quarter of 2014, Realty Income invested $405.1 million in 73 new properties and properties under development or expansion, located in 27 states. These properties are 100% leased with a weighted average lease term of approximately 10.6 years and an initial average lease yield of 7.3%. The tenants occupying the new properties operate in 22 industries, and the property types consist of 75.9% retail, 14.6% office, 5.2% industrial and distribution, and 4.3% manufacturing, based on rental revenue. Approximately 55% of the revenue generated for acquisitions during the second quarter of 2014 is from investment grade tenants.

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During the six months ended June 30, 2014, Realty Income invested approximately $1.06 billion in 402 new properties and properties under development or expansion. The new properties are located in 39 states and are 100% leased with a weighted average lease term of approximately 12.8 years and an initial average lease yield of 7.1%.  The tenants occupying the new properties operate in 24 industries, and the property types consist of 83.0% retail, 8.5% office, 6.8% industrial and distribution, and 1.7% manufacturing, based on rental revenue.  Approximately 73% of the revenue generated from the year-to-date 2014 acquisitions is from investment grade tenants.

Realty Income maintains a $1.5 billion unsecured acquisition credit facility, which is used to fund property acquisitions in the near term. As of June 30, 2014, approximately $1.43 billion was available on the credit facility to fund additional acquisitions.

Property Dispositions

During the quarter ended June 30, 2014, Realty Income sold six properties for $7.0 million, with a gain on sales of $2.0 million, as compared to 17 properties sold for $23.7 million, with a gain on sales of $5.7 million, during the same quarter in 2013.

During the six months ended June 30, 2014, Realty Income sold 17 properties for $19.7 million, with a gain on sales of $5.8 million, as compared to 34 properties sold for $83.7 million, with a gain on sales of $44.3 million, during the same period in 2013.

Other Activities

Issued 13.8 Million Shares in an Upsized Common Share Offering

On April 1, 2014, Realty Income issued 13.8 million common shares, raising net proceeds of approximately $528.6 million, which were used to repay a portion of the borrowings under the company’s acquisition credit facility.

Direct Stock Purchase and Dividend Reinvestment Plan

During the second quarter of 2014, Realty Income issued 1,174,837 common shares via its Plan, generating gross proceeds of approximately $52.1 million. During the first six months of 2014, Realty Income issued 1,240,305 common shares via its Plan, generating gross proceeds of approximately $54.4 million.

Issued $350 Million of 3.875% Senior Unsecured Notes Due 2024

On June 25, 2014, Realty Income issued $350 million of 3.875% senior unsecured notes due 2024. The public offering price for the notes was 99.956% of the principal amount for an effective yield to maturity of 3.88%. The net proceeds of approximately $346.6 million from the offering were used to repay a portion of the borrowings outstanding under the company’s acquisition credit facility.

CEO Comments on Operating Results

Commenting on Realty Income’s results and real estate operations, Chief Executive Officer, John P. Case, said, “We are pleased with our second quarter operating results as we continued to see healthy acquisition volumes and consistently positive performance in our portfolio. Our disciplined and selective investment strategy continued to drive earnings and dividend growth.  FFO per share increased by 6.7% to $0.64 and AFFO per share increased 8.5% to $0.64. With the payment of our June 2014 dividend, we achieved a company milestone, surpassing $3 billion in dividends paid to our shareholders over the company’s 45-year operating history.”

“During the quarter, we completed $405.1 million in acquisitions at an initial average lease yield of 7.3% and a weighted average lease term of 10.6 years. Our investment activity this quarter was balanced between our two principal investment segments: non-investment grade retail properties which accounted for more than 40% of acquisitions and investment grade retail/non-retail properties. Of the total acquisitions this quarter, $228.6 million represented the remaining balance of the previously announced transaction with Inland Diversified Real Estate Trust, Inc. The $503 million Inland transaction is now closed in its entirety. This year we have completed $1.06 billion in property level acquisitions, which is a record amount for the first half of any year in the company’s history. Our investment spreads remain well above their historical averages.”

“Our occupancy at the end of the second quarter was 98.3%, and our year-to-date same store rent increased by 1.4% from the same period a year ago. Our portfolio remains quite diversified with no tenant, industry, or state accounting for more than 5.2%, 10.2% or 10.3% of rental revenue, respectively.”

“To support our growth activities, we raised just under $1 billion in permanent and long-term capital during the quarter. At the end of the quarter, we had a $70 million balance on the credit facility giving the company more than $1.4 billion available to fund future investment activity.”

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“Given our robust level of acquisitions during the first half of the year, we now estimate our 2014 acquisitions will be approximately $1.4 billion versus our previous estimate of $1.2 billion. With this year-to-date acquisition activity and the improved visibility we have on our operations, we are raising our 2014 FFO per share guidance from $2.53 - $2.58 to $2.59 - $2.62.  We are also tightening and raising the midpoint of our 2014 AFFO per share guidance from $2.53 - $2.58 to $2.55 - $2.57.”

FFO and AFFO Commentary

Realty Income’s FFO and AFFO 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 and AFFO 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.

2014 Earnings Estimates

FFO per share for 2014 should range from $2.59 to $2.62, an increase of 7.5% to 8.7% over 2013 FFO (normalized to exclude 2013 ARCT merger-related costs) per share of $2.41. FFO per share for 2014 is based on a net income per share range of $0.90 to $0.93, plus estimated real estate depreciation of $1.74 per share, and reduced by potential estimated gains on sales of investment properties of $0.05 per share (in accordance with NAREIT’s definition of FFO).

AFFO per share for 2014 should range from $2.55 to $2.57, an increase of 5.8% to 6.6% over the 2013 AFFO per share of $2.41. AFFO further adjusts FFO for unique revenue and expense items, which are not as pertinent to the measurement of the company’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 June 30, 2014, the company had paid 527 consecutive monthly dividends throughout its 45-year operating history. The monthly income is supported by the cash flows from over 4,200 properties owned under long-term lease agreements with 228 leading regional and national commercial tenants. 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, and the outcome of any legal proceedings to which the company is a party, 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.

Contact:

Paul M. Meurer

Executive Vice President, Chief Financial Officer & Treasurer

(760) 741-2111 ext. 1109

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CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts - unaudited)

(1) Normalized to exclude ARCT merger-related costs

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FUNDS FROM OPERATIONS (FFO)

(dollars in thousands, except per share amounts)

(1)                 FFO for the three and six months ended June 30, 2013, has been normalized to exclude ARCT merger-related costs.

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.

ADJUSTED FUNDS FROM OPERATIONS (AFFO)

(dollars in thousands, except per share amounts)

We define AFFO as FFO adjusted for unique revenue and expense items, which the company believes are not as pertinent to the measurement of the company’s ongoing operating performance.  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).

(1)          See FFO calculation above for reconciling items.

(2)          Includes the amortization of costs incurred and capitalized when our notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010, June 2011, October 2012, July 2013 and June 2014. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of our mortgages payable and the issuance of our term loan. The deferred financing costs are being amortized over the lives of the respective mortgages and term loan. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.

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HISTORICAL FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS

(dollars in thousands, except per share amounts)

(1)                 FFO for the three and six months ended June 30, 2013, has been normalized to exclude ARCT merger-related costs.

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REALTY INCOME CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

June 30, 2014 and December 31, 2013

(dollars in thousands, except per share data)

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Realty Income Performance vs. Major Stock Indices