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  D.C. 20549</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif">FORM
  8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">CURRENT
  REPORT</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Pursuant
  to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&#160;Securities
  Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">May
  15, 2008</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Date of
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Arial, sans-serif; FONT-VARIANT: small-caps">Realty
  Income Corporation</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(Exact
  name of registrant as specified in its charter)</font></div>
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              </td>
              <td valign="top" width="29%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif">1-13374</font></div>
              </td>
              <td valign="top" width="29%">
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              </td>
            </tr>
            <tr>
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        or Other Jurisdiction of Incorporation or Organization)</font></div>
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        File Number)</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="29%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif">(IRS
        Employer Identification Number)</font></div>
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            <tr>
              <td colspan="3" valign="top" width="86%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif">600
        La Terraza Boulevard, Escondido, California 92025</font></div>
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        of principal executive offices)&#160;&#160;(Zip
    Code)</font></div>
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  741-2111</font></div>
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  telephone number, including area code)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">N/A</font></div>
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  name or former address, if changed since last report)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">Check
  the appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">[&#160;&#160;&#160;]
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">[&#160;&#160;&#160;]
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">[&#160;&#160;&#160;]
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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  </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Item
  1.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Entry into a Material
  Definitive Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 11.5pt"></font>On May 15, 2008, Realty Income
  Corporation (the &#8220;Company&#8221;) entered into a Credit Agreement among the Company,
  as Borrower, certain subsidiaries of the Company, as Guarantors, the Lenders
  party thereto, and Wells Fargo Bank, National Association, as Administrative
  Agent and Sole-Lead Arranger, Bank of America, N.A. and Regions Bank, as
  co-Syndication Agents, Bank of New York and Wachovia Bank, National Association,
  as co-Documentation Agents, and Raymond James&#160;Bank, FSB&#160;and Chevy
  Chase Bank, FSB (the &#8220;Credit Agreement&#8221;).&#160;&#160;The term of the Credit
  Agreement will begin on </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">May 15,
  2008 and replace the Company&#8217;s existing $300 million acquisition credit
  facility.&#160;&#160;The Credit Agreement provides for a $355 million unsecured
  revolving credit facility maturing May 13, 2011. Borrowings under the credit
  facility bear interest at the LIBOR rate or the base rate, each as defined in
  the Credit Agreement, plus a margin of 1.00% for LIBOR loans based on the
  Company&#8217;s current debt ratings. A commitment fee of 0.275% per annum is payable
  on the then revolving committed amount, as defined in the Credit Agreement,
  based on the Company&#8217;s current debt ratings.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing description of the Credit
  Agreement is not, and does not purport to be, complete and is qualified in its
  entirety by reference to a copy of the Credit Agreement filed as Exhibit 10.1
  hereto and incorporated herein by reference.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Item
  9.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Financial Statements
  and Exhibits.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&#160;(d)
  Exhibits</font></div>
      <div>
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              <td valign="middle" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
              <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
              <td valign="middle" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
            </tr>
            <tr>
              <td valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial, sans-serif">Exhibit</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial, sans-serif; TEXT-DECORATION: underline">Number</font></div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial, sans-serif">&#160;&#160;</font></div>
              </td>
              <td valign="bottom" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial, sans-serif; TEXT-DECORATION: underline">Exhibit
        Description</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif">10.1</font></div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial, sans-serif">&#160;&#160;</font></div>
              </td>
              <td align="left" valign="bottom" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif">Credit
        Agreement among the Company, as Borrower, certain subsidiaries of the
        Company, as Guarantors, the Lenders party thereto, and Wells Fargo Bank,
        National Association, as Administrative Agent and Sole-Lead Arranger, Bank
        of America, N.A. and Regions Bank, as co-Syndication Agents, Bank of New
        York and Wachovia Bank, National Association, as co-Documentation Agents,
        and Raymond James&#160;Bank, FSB&#160;and Chevy Chase Bank,
        FSB.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
  </font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
  </font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
  </font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-VARIANT: small-caps">SIGNATURE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: arial">REALTY
        INCOME CORPORATION</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Date: May 15,
        2008</font></div>
              </td>
              <td valign="top" width="7%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">By:
        </font></div>
              </td>
              <td align="left" nowrap valign="top" width="31%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">/s/&#160;Michael
        R. Pfeiffer</font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Name:</font></td>
              <td align="left" nowrap valign="bottom" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Michael R.
        Pfeiffer</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Title:</font></td>
              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Executive
        Vice-President, General Counsel</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">and
        Secretary</font></td>
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  TO EXHIBITS</font></div>
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  No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">10.1</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Credit
        Agreement among the Company, as Borrower, certain subsidiaries of the
        Company, as Guarantors, the Lenders party thereto, and Wells Fargo Bank,
        National Association, as Administrative Agent and Sole-Lead Arranger, Bank
        of America, N.A. and Regions Bank, as co-Syndication Agents, Bank of New
        York and Wachovia Bank, National Association, as co-Documentation Agents,
        and Raymond James&#160;Bank, FSB&#160;and Chevy Chase Bank,
        FSB.</font></div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "ric8k_cred.htm", "description": "REALTY INCOME FORM 8-K FOR $355M CREDIT AGREEMENT", "secsgml_size_bytes": 25557}]
metadata_filer: {"company-data": {"conformed-name": "REALTY INCOME CORP", "cik": "0000726728", "assigned-sic": "6798", "irs-number": "330580106", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13374", "film-number": "08840713"}, "business-address": {"street1": "600 LA TERRAZA BLVD", "city": "ESCONDIDO", "state": "CA", "zip": "92025", "phone": "7607412111"}, "mail-address": {"street1": "600 LA TERRAZA BLVD", "city": "ESCONDIDO", "state": "CA", "zip": "92025"}}
text: ric8k_cred.htm
  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
  May
  15, 2008
  Date of
  Report (Date of earliest event reported)
  Realty
  Income Corporation
  (Exact
  name of registrant as specified in its charter)
  Maryland
  1-13374
  33-0580106
  (State
        or Other Jurisdiction of Incorporation or Organization)
  (Commission
        File Number)
  (IRS
        Employer Identification Number)
  600
        La Terraza Boulevard, Escondido, California 92025
  (Address
        of principal executive offices)  (Zip
    Code)
  (760)
  741-2111
  (Registrant's
  telephone number, including area code)
  N/A
  (Former
  name or former address, if changed since last report)
  Check
  the appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:
  [   ]
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  [   ]
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  [   ]
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))
  [   ]
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))
  Item
  1.01
  Entry into a Material
  Definitive Agreement.
  On May 15, 2008, Realty Income
  Corporation (the "Company") entered into a Credit Agreement among the Company,
  as Borrower, certain subsidiaries of the Company, as Guarantors, the Lenders
  party thereto, and Wells Fargo Bank, National Association, as Administrative
  Agent and Sole-Lead Arranger, Bank of America, N.A. and Regions Bank, as
  co-Syndication Agents, Bank of New York and Wachovia Bank, National Association,
  as co-Documentation Agents, and Raymond James Bank, FSB and Chevy
  Chase Bank, FSB (the "Credit Agreement").  The term of the Credit
  Agreement will begin on
  May 15,
  2008 and replace the Company's existing $300 million acquisition credit
  facility.  The Credit Agreement provides for a $355 million unsecured
  revolving credit facility maturing May 13, 2011. Borrowings under the credit
  facility bear interest at the LIBOR rate or the base rate, each as defined in
  the Credit Agreement, plus a margin of 1.00% for LIBOR loans based on the
  Company's current debt ratings. A commitment fee of 0.275% per annum is payable
  on the then revolving committed amount, as defined in the Credit Agreement,
  based on the Company's current debt ratings.
  The foregoing description of the Credit
  Agreement is not, and does not purport to be, complete and is qualified in its
  entirety by reference to a copy of the Credit Agreement filed as Exhibit 10.1
  hereto and incorporated herein by reference.
  Item
  9.01
  Financial Statements
  and Exhibits.
  (d)
  Exhibits
  Exhibit
  Number
  Exhibit
        Description
  10.1
  Credit
        Agreement among the Company, as Borrower, certain subsidiaries of the
        Company, as Guarantors, the Lenders party thereto, and Wells Fargo Bank,
        National Association, as Administrative Agent and Sole-Lead Arranger, Bank
        of America, N.A. and Regions Bank, as co-Syndication Agents, Bank of New
        York and Wachovia Bank, National Association, as co-Documentation Agents,
        and Raymond James Bank, FSB and Chevy Chase Bank,
        FSB.
  SIGNATURE
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, as amended, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  REALTY
        INCOME CORPORATION
  Date: May 15,
        2008
  By:
  /s/ Michael
        R. Pfeiffer
  Name:
  Michael R.
        Pfeiffer
  Title:
  Executive
        Vice-President, General Counsel
  and
        Secretary
  INDEX
  TO EXHIBITS
  Exhibit
  No.
  Description
  10.1
  Credit
        Agreement among the Company, as Borrower, certain subsidiaries of the
        Company, as Guarantors, the Lenders party thereto, and Wells Fargo Bank,
        National Association, as Administrative Agent and Sole-Lead Arranger, Bank
        of America, N.A. and Regions Bank, as co-Syndication Agents, Bank of New
        York and Wachovia Bank, National Association, as co-Documentation Agents,
        and Raymond James Bank, FSB and Chevy Chase Bank,
        FSB.