EXHIBIT 23.1


                          Independent Auditors' Consent


The Board of Directors
Realty Income Corporation:

        We consent to incorporation by reference in Registration Statement No.
333-80821 on Form S-3 of Realty Income Corporation and to incorporation by
reference in Registration Statement No. 33-95708 on Form S-8 of Realty Income
Corporation of our report dated January 18, 2002, except as to Note 21, which is
as of February 28, 2002, with respect to the consolidated balance sheets of
Realty Income Corporation and subsidiaries as of December 31, 2001 and 2000, and
the related consolidated statements of income, stockholders' equity and cash
flows for each of the years in the three-year period ended December 31, 2001,
and the related Schedule III, which report appears in the December 31, 2001,
annual report on Form 10-K of Realty Income Corporation.



                                                         /s/ KPMG LLP
                                                         KPMG LLP

San Diego, California
March 18, 2002



                                       1