Rand left the exposition of her theory of perception to Leonard Peikoff and David Kelley. It is summed up on the Stanford Encyclopedia of Philosophy as follows:
Our perceptual faculties place us in direct contact with reality. In this sense Rand's theory of perception is a version of direct realism, holding that the objects of perception are extramental entities (rather than, say, subjective experiences on the basis of which we infer entities as their causes)....
Rand rejects the view that some perceptions are of the qualities of objects as they are independently of us (primary qualities), whereas others (secondary qualities) are caused by the primary qualities, and are entirely in the mind. Instead, she distinguishes between the content of a perception and its form; when we perceive an object as, e.g., square and red, what we perceive are its intrinsic features in a certain form, a form that is determined by the nature of the object, the nature of our perceptual organs, and the environment. Thus, we perceive the object's shape as square, and the reflectance properties of its surface as red; both are the result of the interaction of our perceptual organs with what is out there. Neither squareness nor redness belong either to the object apart from our mode of perception, or to our mode of perception apart from the object in its environment. Hence, these attributes are neither intrinsic nor subjective but relational and objective.
Thus while Rand is a direct realist in the sense explained above, she is not a naive realist in the sense of regarding all perceived attributes as enjoying equal extramental status.
The point in dispute involves the term "extramental." As far as I know, that is not a term either Rand or Peikoff have ever used. Its use is required only because Objectivists have never told us whether percepts are mental or not. That is an issue they have artfully dodged, and here is why: if they were to admit that percepts are mental entities (as they admit, for example, that concepts are), they would be confessing that their realism is indirect and perhaps even representational. So when the Stanford Encylopedia decided to do a write-up on Ayn Rand (under the advisement of such Objectivist worthies as David Kelley and Gregory Salmieri), they had no choice but to describe percepts as "extra-mental."