EXHIBIT 23.1

The Board of Directors
Realty Income Corporation:

     We consent to incorporation by reference in Registration 
Statement Nos. 333-10431 and 333-34311, each 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 22, 1999, with respect to the consolidated 
balance sheets of Realty Income Corporation as of December 31, 1998 
and 1997, 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, 1998, and the related Schedule 
III, which report appears in the December 31, 1998, annual report on 
Form 10-K of Realty Income Corporation.


                                       /s/ KPMG LLP

San Diego, California
March 22, 1999






























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