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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CCqZmUbrKA5YFTCe6WGIm3+QwxKF/S+19bRZJ/6JyXgrfbxbwV2/6HkV+AYhIk/0
 hIt3TSnKcHPLfD24o29mSw==

<SEC-DOCUMENT>0001181431-04-000051.txt : 20040102
<SEC-HEADER>0001181431-04-000051.hdr.sgml : 20040101
<ACCEPTANCE-DATETIME>20040102104014
ACCESSION NUMBER:		0001181431-04-000051
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KUNDRAK KIM S
		CENTRAL INDEX KEY:			0001206777

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13374
		FILM NUMBER:		04500326

	BUSINESS ADDRESS:	
		STREET 1:		REALTY INCOME CORP.
		STREET 2:		220 WEST CREST STREET
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92025

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REALTY INCOME CORP
		CENTRAL INDEX KEY:			0000726728
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330580106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		220 W CREST ST
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92025-1707
		BUSINESS PHONE:		7607412111

	MAIL ADDRESS:	
		STREET 1:		220 WEST CREST ST
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92025-1707
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd25804.xml
<DESCRIPTION>KUNDRAK - FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-01</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000726728</issuerCik>
        <issuerName>REALTY INCOME CORP</issuerName>
        <issuerTradingSymbol>O</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001206777</rptOwnerCik>
            <rptOwnerName>KUNDRAK KIM S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>220 WEST CREST STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ESCONDIDO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92025-1707</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior Vice President</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-01</value></transactionDate><deemedExecutionDate><value>2004-01-01</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>6000</value></transactionShares><transactionPricePerShare><footnoteId id="F1"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>31100</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndire
ctOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><footnotes><footnote id="F1">Shares granted through a management incentive plan, no consideration was paid.</footnote></footnotes><ownerSignature><signatureName>Kim Kundrak</signatureName><signatureDate>2004-01-01</signatureDate></ownerSignature></ownershipDocument>



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</SEC-DOCUMENT>
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