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Realty Income Files Definitive Proxy Materials Related To Acquisition Of American Realty Capital Trust

We urge you to vote by telephone or via the Internet by following instructions on your proxy card, or please sign, date and return the enclosed proxy card today using the postage-paid envelope provided. Your Vote is Very Important.

Your Board of Directors recommends that shareholders today vote FOR the Acquisition Proposal.

Your Board of Directors unanimously believes that the proposed acquisition of ARCT is in the best interests of Realty Income and its shareholders. In making its recommendation, your Board took into account a variety of factors described in the definitive proxy statement, including financial analyses performed by BofA Merrill Lynch and Wells Fargo, the Company’s financial advisors, and summarized in your proxy statement. The acquisition of ARCT provides a number of compelling benefits to Realty Income’s shareholders including:

  • Materially increasing Realty Income’s revenue and Funds from Operations (FFO) per share
  • Increasing the annualized amount of the dividend by an estimated $0.13, or 7.1%, to $1.95 per share from $1.82 per share, upon the closing of the acquisition
  • Expanding the size of the Company’s real estate portfolio by adding 524 high-quality properties with 100% occupancy, thereby improving our occupancy
  • Improving the credit quality of Realty Income’s portfolio by adding a portfolio of properties with approximately 75% of rental revenue generated by investment-grade rated tenants, thereby increasing the Company’s revenue generated by investment-grade rated tenants to approximately 34% from 19%
  • Improving real estate portfolio tenant and industry diversification to further reduce top 15 tenant generated revenue from 47% to about 42% and to further reduce top 10 industry generated revenue from around 67% to 59%
  • Increasing the weighted average lease term to further strengthen the Company’s lease maturity profile
  • Completing the transaction with capitalization that is expected to be balance-sheet neutral
  • Creating a company that will be the largest public, net-lease real estate company and the 18 th largest public Real Estate Investment Trust overall
  • Providing meaningful enterprise value of approximately $11.4 billion and potentially leading to improved ability to execute large acquisitions and strengthening the Company’s position as an industry consolidator

In order to achieve these benefits, please take a moment TODAY to vote the enclosed proxy for the Special Meeting on January 16, 2013. No matter how many shares you own, we need your VOTE FOR the proposal on the enclosed vote form. Again, In addition to mailing in your vote, you can vote by phone at: 1-800-690-6903, or on the Internet at www.realtyincome.com. If you vote on the Internet, you will need to have your proxy card available in order to input a personalized code that is required on the proxy voting site.

We thank you for your continued support of Realty Income.

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