content: (Note: WORD for DOS; courier 12; 1" margins)
                            UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
  
                       Washington, D.C.  20549
  
  
                              FORM 8-K
                              ========
  
  
                           CURRENT REPORT
  
               Pursuant to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934
  
                   Date of Report:  July 15, 1996
                                    =============
  
                      Realty Income Corporation
                      =========================
       (Exact name of registrant as specified in its charter)
  
                              Delaware
                              ========
                      (State of Incorporation)
  
                               1-13318
                               =======
                      (Commission File Number)
  
                             33-0580106
                             ==========
                (IRS Employer Identification Number)
  
         220 West Crest Street, Escondido, California  92025
         ===================================================
        (Address of principal executive offices)  (Zip Code)
  
  Registrant's telephone number, including area code: (619)741-2111
                                                      =============
  
                           Not Applicable
                           ==============
    (Former name or former address, if changes since last report)
  
                                                        Page 1 of 7
                                         Exhibit Index is on Page 4
  <PAGE>
  ITEM 5.  OTHER EVENTS
  =====================
  
  On July 15, 1996, Realty Income Corporation's board of directors
  was expanded to seven memeber.  The two new directors are Richard
  J. VanDerhoff, President and Chief Operting Officer of the
  Registrant, and Willard H. Smith, formerly a managing director of
  Merrill Lynch & Co.
  
  ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
  ==========================================
  
  The following exhibit is filed with this report.
  
  <TABLE>
  <CAPTION>
  <S>             <C>
  Exhibit No.     Description
  - -----------     -----------
  
  99.1            Press release announcing the expansion of the
                  board of directors to seven members
  </TABLE>
                                                        Page 2 of 7
  <PAGE>
                              SIGNATURE
  
  
  Pursuant to the requirements of the Securities and Exchange Act
  of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.
  
  
  
                      REALTY INCOME CORPORATION
  
  
  <TABLE>
  <S>                                      <C>
  (Signature and Title)                    /s/ MICHAEL R. PFEIFFER
  Date: July 22, 1996                      ------------------------
                                           Michael R. Pfeiffer
                                           Vice President,
                                           General Counsel and
                                           Secretary
  </TABLE>
                                                        Page 3 of 7
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 3134}]
metadata_filer: {"company-data": {"conformed-name": "REALTY INCOME CORP", "cik": "0000726728", "assigned-sic": "6798", "irs-number": "330580106", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13374", "film-number": "96597370"}, "business-address": {"street1": "220 W CREST ST", "city": "ESCONDIDO", "state": "CA", "zip": "92025", "phone": "6197412111"}, "mail-address": {"street1": "220 WEST CREST ST", "city": "ESCONDIDO", "state": "CA", "zip": "92025"}}
text: (Note: WORD for DOS; courier 12; 1" margins)
                            UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
  
                       Washington, D.C.  20549
  
                              FORM 8-K
                              ========
  
                           CURRENT REPORT
  
               Pursuant to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934
  
                   Date of Report:  July 15, 1996
                                    =============
  
                      Realty Income Corporation
                      =========================
       (Exact name of registrant as specified in its charter)
  
                              Delaware
                              ========
                      (State of Incorporation)
  
                               1-13318
                               =======
                      (Commission File Number)
  
                             33-0580106
                             ==========
                (IRS Employer Identification Number)
  
         220 West Crest Street, Escondido, California  92025
         ===================================================
        (Address of principal executive offices)  (Zip Code)
  
  Registrant's telephone number, including area code: (619)741-2111
                                                      =============
  
                           Not Applicable
                           ==============
    (Former name or former address, if changes since last report)
  
                                                        Page 1 of 7
                                         Exhibit Index is on Page 4
  ITEM 5.  OTHER EVENTS
  =====================
  
  On July 15, 1996, Realty Income Corporation's board of directors
  was expanded to seven memeber.  The two new directors are Richard
  J. VanDerhoff, President and Chief Operting Officer of the
  Registrant, and Willard H. Smith, formerly a managing director of
  Merrill Lynch & Co.
  
  ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
  ==========================================
  
  The following exhibit is filed with this report.
  Exhibit No.     Description
  - -----------     -----------
  
  99.1            Press release announcing the expansion of the
                  board of directors to seven members
  Page 2 of 7
  SIGNATURE
  
  Pursuant to the requirements of the Securities and Exchange Act
  of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned hereunto duly authorized.
  
                      REALTY INCOME CORPORATION
  (Signature and Title)                    /s/ MICHAEL R. PFEIFFER
  Date: July 22, 1996                      ------------------------
                                           Michael R. Pfeiffer
                                           Vice President,
                                           General Counsel and
                                           Secretary
  Page 3 of 7