Dividend Increase Track Record (Graphic: Business Wire)

Timing and Closing Process

Realty Income’s acquisition of American Realty Capital Trust is contingent upon the approval of both companies’ shareholders. A proxy statement is expected to be filed in the near future and, following its effectiveness, a proxy statement and vote card will be mailed to shareholders. The transaction will close upon receiving approval from Realty Income and American Realty Capital Trust shareholders. An investor presentation discussing the transaction will be available on Realty Income’s website at www.realtyincome.com .

Affirms 2012 Earnings Estimates

Excluding the one-time costs associated with the closing of this transaction, Realty Income estimates that 2012 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. FFO per share for 2012 is based on an estimated net income per share range of $0.97 to $1.01 plus estimated real estate depreciation of $1.12 and reduced by potential gains on sales of investment properties of $0.09 per share (in accordance with NAREIT’s definition of FFO).

Realty Income estimates that 2012 Adjusted Funds from Operations (AFFO) should range from $2.06 to $2.11 per 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 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.

Initiates 2013 Earnings Estimates (assuming a December 2012 closing date)

Realty Income 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 $1.04 to $1.10, plus estimated real estate depreciation of $1.34 and reduced by potential gains on sales of investment properties of $0.08 per share (in accordance with NAREIT’s definition of FFO).

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