#1• Investor Presentation CALCULATED CONSOLIDATION November 2021 REALTY INCOME The Monthly Dividend Company® SainsburyS Walmart Neighborhood Market Argos STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE#2Safe Harbor For Forward-Looking Statements REALTY INCOME Statements in this investor presentation that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause our actual future results to differ materially from expected results. These risks include, among others, general economic conditions, domestic and foreign real estate conditions, client financial health, the availability of capital to finance planned growth, volatility and uncertainty in the credit markets and broader financial markets, changes in foreign currency exchange rates, property acquisitions and the timing of these acquisitions, the structure, timing and completion of the anticipated spin-off of the office properties of Realty Income, Inc., and any effects of the announcement, pendency or completion of the spin-off, including the anticipated benefits therefrom, the anticipated benefits of the completed merger with VEREIT, charges for property impairments, the effects of the COVID-19 pandemic and the measures taken to limit its impact, the effects of pandemics or global outbreaks of contagious diseases or fear of such outbreaks, the ability of clients to adequately manage their properties and fulfill their respective lease obligations to Realty Income, and the outcome of any legal proceedings to which Realty Income is a party. Consequently, forward-looking statements should be regarded solely as reflections of Realty Income's or VEREIT's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this investor presentation. Neither Realty Income nor VEREIT undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. 2#3Who We Are To build enduring relationships and brighter financial futures. Do the right thing Take ownership Empower each other Celebrate differences • Give more than we take REALTY INCOME PURPOSE KFC KFC NOT WING ARE BA NOW HIRI MISSION STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE We invest in people and places to deliver dependable monthly dividends that increase over time VALUES ELEVEN CVS Sarmacy EVE Pharmacy VISION To be a top 5 U.S. REIT, creating long-term value for stakeholders across the world 3#4Realty Income: A Path to Continued Long-Term Profitable Growth PHOTO CENTER REALTY INCOME WHERE WE ARE: • S&P 500 company ● ● . One of 65 companies in the elite S&P 500 Dividend AristocratsⓇ Index Top 10 global pcrats LIQUOR 15.1% compound annual total shareholder return since public listing in 1994 4.3% compound annual dividend growth rate since 1994 and 112 dividend increases ● WHERE WE ARE GOING: To become a $50+ billion global company, as measured by enterprise value • To consolidate the ~$12 trillion global net lease addressable market To become a top 5 global REIT(1) • To average double-digit total shareholder return with minimal volatility ANDRIVE THRU • To continue treating the dividend as sacrosanct to our mission (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. 4#5Key Takeaways REALTY INCOME Realty Income's track record illustrates superior total return per unit of volatility. Our external growth opportunities are broad and unconstrained by property type or geography. Realty Income's strategic merger with VEREITⓇ created the premier net lease REIT with increased size and scale, supporting long-term growth through consolidation of a highly fragmented net lease industry. roprietary da With over 7,000 properties, our portfolio has reached a critical mass providing access to proprietary data and information that enables us to make data-driven, calculated investment decisions. ational Our selective capital allocation philosophy supports superior financial and operational stability relative to REIT peers, particularly during economic downturns. REALTY INCOME Our fortress balance sheet and access to a low-cost, diversified capital pool supports the curation of a best-in-class real estate portfolio generating growing cash flows guaranteed by large, national, blue-chip operators. We aspire to be a sustainability leader in the net lease REIT sector and have set ambitious but attainable goals for environmental stewardship and social responsibility. 5#6REALTY INCOME Latest Developments November 1st, 2021: Closed merger with VEREITⓇ >$50 bn Combined enterprise value allowing for enhanced size, scale, and diversification Office portfolio spin-off (Orion Office REIT) is expected to be completed on November 12th, 2021 November 1st, 2021: Introduced preliminary 2022 guidance, inclusive of VEREIT merger (assuming Orion has been spun) ~9% ~4% >$5 bn 2022 AFFO/sh growth at the midpoint of guidance range Accretion to 2022 AFFO/sh from the VEREIT merger on a leverage-neutral basis, after excluding AFFO attributed to Orion (~10% system-wide accretion on a leverage-neutral basis) 2022 acquisition volume guidance September - October 2021: Commenced expansion into Continental Europe €157 mm of real estate leased to Carrefour, one of Europe's largest food retailers 10 Properties, across two transactions, leased under long-term net lease agreements with annual rent escalators 6#7Table of Contents REALTY INCOME OVERVIEW AND INVESTMENT THESIS PERFORMANCE TRACK RECORD LEVERAGING SIZE AND SCALE TO DRIVE PROFITABLE GROWTH PRUDENT CAPITAL ALLOCATION FRAMEWORK FORTRESS BALANCE SHEET DIVERSIFIED HIGH-QUALITY REAL ESTATE PORTFOLIO GROWING INTERNATIONAL PORTFOLIO ESG OVERVIEW APPENDIX All data as of September 30, 2021 unless otherwise specified REALTY INCOME 00 11 18 27 35 38 47 50 12970 55 7#8Investment Thesis PROVEN TRACK RECORD OF RETURNS... 15.1% Compound Annual Total 0.46 Return Since '94 NYSE Listing Beta vs. S&P 500 Since '94 NYSE Listing(1) CONSISTENTLY INCREASING DIVIDENDS... 4.3% Compound Annual Dividend Growth Rate Since 1994 (1) Beta measured using monthly frequency. S&P 500 Dividend AristocratsⓇ Index Member (2) Measured as AFFO per share growth | Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. Note: The area chart reflects Realty Income's total shareholder return since 10/18/1994 STABILITY AND GROWTH OF EARNINGS... REALTY INCOME 24 of 25 Years of Positive Earnings Per Share(2) Growth 5.1% Median AFFO Per Share Growth Since 1996 POSITIONED FOR CONTINUED GROWTH... $12 Trillion Estimated Addressable Market Opportunity in the US and Europe $64 Billion Sourced Acquisition Opportunities in 2020 8#9Realty Income is the Global Leader in a Highly Fragmented Net Lease Sector REALTY INCOME $35B enterprise value 52+ years of SIZE, SCALE AND QUALITY $1.9B annualized base rent 7,018 operating history commercial real estate properties A3/A- credit ratings by Moody's & S&P ~50% of rent from investment grade clients (1) DIVERSIFIED REAL ESTATE PORTFOLIO ~650 4% GROWING INTERNATIONAL PRESENCE 10th largest global REIT(2) $3.3B European Portfolio 114 assets 100% occupancy 11 years remaining lease term (3) 10+ industries (2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. (3) As of September 30, 2021. STRONG DIVIDEND TRACK RECORD(4) 26 Consecutive Years of Rising Dividends clients Other -16% 60 Non-retail industries 50 ~96% 616 monthly dividends declared 96 consecutive quarterly increases 80% Non-discretionary, Low Price Point and/or Service-oriented Retail of total rent is resilient to economic downturns and/or isolated from e-commerce pressures S&P 500 Dividend Aristocrats® index member $0.90 U.S. states, Puerto Rico, Spain and the U.K. (1) Clients and clients that are subsidiaries or affiliates of companies with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). +4.3% CAGR $2.832 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 9 (4) As of October 2021 dividend declaration.#10Valuation Considerations Normalizing for Historically Low Treasury Yields REALTY INCOME Historically, O's equity valuation spread has normalized following periods of economic uncertainty... European sovereign 600 bps debt crisis 450 bps 300 bps 442 bps 150 bps 2011 302 bps 300 bps 200 bps 100 bps 2012 Fiscal cliff uncertainties 420 bps 2013 HISTORICAL NTM AFFO YIELD SPREAD VS 10 YEAR US TREASURY 2014 30 Day Moving Average Economic slowdown in China, Fed tightening 393 bps 2015 COVID-19 crisis Current spread is ~1.0x standard deviation wide of historical relationship Median = 331 bps 2016 2017 2018 2019 590 bps 386 bps 2020 In order for O's AFFO yield spread to normalize to its historical median, annual AFFO would have to decline to $3.42, a 14% decline relative to the midpoint of O's 2022 AFFO/sh guidance (1). 0 bps Oct 11 Oct 12 As of 10/29/2021. Source: Bloomberg. Bond market bifurcation: Realty Income spreads near pre-pandemic lows (2) ... Oct 13 256 bps Rated A3 by Moody's Rated A- by S&P 68 bps A3/A- credit ratings supported low cost of debt capital 2021 75 bps Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 Oct 21 (1) Assuming 10y UST yield of 1.50%, $71 stock price, and 2022 AFFO/sh guidance range of $3.84-$3.97. (2) Represents estimated G-spreads on Realty Income benchmark 10-year unsecured notes outstanding. 10#11Performance Track Record Superior risk-adjusted returns, particularly during economic downturns PHOTO CENTER LIQUOR RXDRIVE THRU CVS pharmacy Sun 24 pharmac HOURS GVE Pharmacy 1030 R DRIVE THRU LIQU mera 11#12TOTAL RETURN CAGR SINCE 1994 Attractive Risk/Reward vs. S&P 500 Companies and Blue-Chip REITS 30% 20% 10% 0% -10% 2.0 Source: Bloomberg 1.5 (2) Excludes REITs without trading histories dating to 1994. S&P 500 Members 1.0 BETA 0.5 Realty Income return per unit of market risk is in the 95th percentile of all S&P 500 companies (1) Return: 15.1% (1) n=259 | As of 9/30/2021 | Excludes companies without trading histories dating to 1994 | Beta measured using monthly frequency. Beta: 0.46 TOTAL RETURN CAGR SINCE 1994 20% 15% 10% 5% 0% इ WY HST REALTY INCOME Historically, Realty Income delivered more return per unit of risk vs. majority of S&P 500 companies and S&P 500 REITS (2) S&P 500 REIT Peers ESS PSA AVB MAA SPG EQR FRT DRE UDR WELL KIM REG PEAK VTR VNO -5% 0.0 1.4 1.2 1.0 0.8 0.6 0.4 BETA 12#13Low Earnings and Dividend Volatility Supports Low Share Price Volatility REALTY INCOME 25% 20% ANNUAL TOTAL SHAREHOLDER RETURN AMONG S&P 500 COMPANIES: Downside Volatility Since 1994(1) 15% Realty Income's TSR Downside Volatility since 10% 1994 NYSE Listing is 3.5%, the sixth-lowest of all S&P 500 constituents (2) 5% Realty Income is among bellwether names, such as JNJ, ROST, CHD, AZO, SO, distinguished by their earnings predictability, cash flow durability, and balance sheet quality. 0% 1st Decile 2nd Decile 3rd Decile 4th Decile 5th Decile 6th Decile 7th Decile 8th Decile 9th Decile 10th Decile S&P 500 DECILES Source: Bloomberg (1) "Downside volatility" calculated as the standard deviation of annual total shareholder returns where positive values are assigned "O" value. (2) n=259 S&P 500 constituents with trading histories dating to Realty Income's 1994 NYSE listing. 13#14Superior Stability vs. Peers: Consistent Growth Maintained Through Pandemic +3.1% 2020 EARNINGS PER SHARE Growth(1) Net Lease Peers 2.1% 0% -5% -10% 2020 Dividend Growth -15% 1 of 8 Net Lease REITs (2) 1 of 15 S&P 500 REITS (3) -20% 1 of 7 Retail REITs (4) 1 of 4 Net Lease REITS (2) 1 of 7 S&P 500 REITS (3) 1 of 4 Retail REITs (4) THAT INCREASED DIVIDEND IN 2020 S&P 500 REIT Peers Retail REIT Peers -5.2% -6.8% WITH POSITIVE EARNINGS GROWTH IN 2020 (1) Measured as median AFFO/sh growth rate for net lease peers and median FFO/sh growth rates for S&P 500 and retail REIT peers. (2) Net lease peers include ADC, EPRT, FCPT, GTY, NNN, SRC, STOR, VER, WPC. (3) Includes 22 S&P 500 constituents, excluding non-property REITS, such as AMT, CCI, EQIX, IRM, SBAC, WY. (4) 25 total Retail REITs including shopping center and mall REITs, and ADC, EPRT, FCPT, GTY, NNN, O, SRC, STOR, VER. -13.1% REALTY INCOME 14#15Superior Stability Through Pandemic: Realty Income Emerged Stronger and Better Positioned REALTY INCOME Despite volatility brought upon by the pandemic, the overall portfolio and balance sheet weathered the storm due to our commitment to a prudent capital structure and the resiliency of our portfolio. Q3 2021 SIZE, SCALE AND LIQUIDITY Enterprise Value (in billions) Annualized Contractual Rent (in millions) Available Liquidity (in millions)(1) FY 2019 $32.5 $35.0 $1,553 $1,888 $2,350 $3,112 Fixed Charge Coverage Ratio 5.0x 6.1x LEVERAGE AND DEBT MATURITY SCHEDULE FY 2019 Q3 2021 Net Debt-to-EBITDAre The highest FCCR in our history 5.5x 5.0x Total Debt/ Total Market Capitalization 24% 26% Weighted Average Bonds Maturity (years) Total Debt Due in the Next Two Years (in millions)(2) AMPLE EXTERNAL GROWTH OPPORTUNITIES Acquisition Volume Sourced (in billions) FY 2019 $57 YTD 2021 8.3 8.3 $653 $882 $64 Selectivity Annual Acquisitions Guidance (in billions) 7% $3.25 to $3.50 < 6% The highest acquisition guidance ever provided > $5.0 (4) Net of $405 million of commercial paper notes outstanding. Liquidity calculation excludes availability under the $1.0 billion commercial paper program. We use our unsecured revolving credit facility as a liquidity backstop for the repayment of the notes issued under this program. (2) Excluding commercial paper and revolver maturities. 15#16Superior Stability vs S&P 500 REITs: Favorable Occupancy, Dividend Growth, Credit Rating and Total Return PORTFOLIO OCCUPANCY DIVIDEND GROWTH(1) 98.4% 96.6% 94.0% Historical Median 91.3% 0% 10% 4.3% (2) 2.9% % of Years w/ Negative Growth Dividend CAGR Lowest Year-End REALTY INCOME AVG. CREDIT RATING (S&P/MOODY'S) A/A2 A-/ A3 BBB+ / Baa1 BBB / Baa2 BBB-/Baa3 Source: SNL, Bloomberg | Excludes specialty REITS (i.e., infrastructure, timber, information services). (1) Since 1995. Excludes REITs with fewer years of history than Realty Income. (2) As of October 2021 dividend declaration. S&P 500 REIT Median 9 8 7 6 5 4 3 2 1 0 # OF YEARS WITH TSR < -10% (1) REALTY INCOME 16#17Realty Income Exhibited the Lowest Operational and Financial Volatility During Great Recession vs. A-Rated S&P 500 REITS 2007 2009 relative rankings REALTY INCOME RANK RENTAL REVENUE (1) GROSS MARGIN (1) EBITDA (1) EBITDA MARGIN (1) DEBT/ EBITDA (2) UNSECURED/ TOTAL DEBT(2) OCCUPANCY RATE(1) 1 0.3% 0.3% 0.4% 0.6% 0.1x 0.0% 0.1% 2 0.7% 0.5% 0.6% 0.8% 0.3x 1.2% 0.2% 3 3.1% 1.1% 3.8% 1.3% 0.5x 1.5% 0.3% 4 3.7% 1.4% 4.3% 2.0% 1.5x 2.0% 0.3% 5 4.0% 1.7% 5.7% 2.2% 2.2x 2.2% 0.7% 60 4.2% 1.7% 9.7% 7.4% 2.2x 2.8% 3.4% 7 9.7% Source: SNL 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) (1) Downside Volatility calculated as the standard deviation around zero of quarterly percentage changes in each metric shown, where positive changes are replaced with zero. (2) Upside Volatility calculated as the standard deviation around zero of quarterly percentage changes, where negative changes are replaced with zero. (3) Company did not report consolidated quarterly portfolio occupancy during 2007-2009. MORE VOLATILE LESS VOLATILE Realty Income REITs that currently have at least two A-/A3 credit ratings or better 17#18Leveraging Size and Scale to Drive Profitable Growth The net lease opportunity set is broad and unconstrained. HE HOME DEPOT 1200 ENTER ELUSIVE Exit Exit 10% Custom D 18#19Size and Scale as a Competitive Advantage Inherent advantages of size and scale drive... 1 OPTIMIZED PORTFOLIO PROFITABILITY Leverage our 52+ year history and trove of portfolio data to capitalize on unique insights driven by predictive analytics DISCIPLINED DISCIPLINE DE 2 Selectively pursue large-scale sale-leaseback or portfolio transaction opportunities without creating financing contingencies or concentration risks CALCULATED CONSOLIDATION 3 Take advantage of attractive consolidation opportunities in the extremely fragmented net lease space REALTY INCOME 19#20Global Net Lease Investable Universe is Immense Quantum of opportunity and low market saturation affords ample runway for growth AGGREGATE NET LEASE Market EUROPE Combined enterprise value of public net lease REITS of $6 billion ~$8 T EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition ~$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $145 billion(1) EUROPE -$6 B Public net lease REITs account for <1% of total addressable universe PUBLIC NET LEASE Peers 14 peers REALTY INCOME US UNITED STATES ~$145 B Public net lease REITS account for ~4% of total addressable universe 3 peers (1) Represents "traditional" net lease peers, excluding gaming REITs. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$68B, or ~21X the current portfolio size 20 20#21REALTY INCOME Realty Income's External Growth Opportunities are Broad and Unconstrained INTERNATIONAL UNITED STATES SOURCED VOLUME in $ billions International opportunities added ~30% to Realty Income's combined sourcing volume in 2019-2021 $64 $64 $57 International Expansion Has Accelerated Sourcing Volume Over the Last 2 Years... Which Resulted in Increased Selectivity $39 $32 $28 $30 $32 $24 $17 $13 $6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 ACQUISITION VOLUME in $ billions $1.9 $1.5(1) $1.8 $1.4 $1.5 $1.3 $1.2 $1.0 $0.7 $3.7 $2.3 $3.8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 12% 2010 8% 7% 2011 SELECTIVITY percentage of annual sourced volume acquired 6% 4% 4% 7% 7% 6% 5% 6% 4% 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 21 (1) Excluding $3.2 billion ARCT transaction.#22REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase AFFO/SH GROWTH: HISTORICAL 5.1% MEDIAN Stronger historical growth rate vs. REITS (3.2%) (1) 20% 15% 10% 5% 0% 6% 5% 4% • Positive earnings growth in 24 of 25 years 3% Modest annual downside volatility of 2.8% (2) 2% 1% 0% ANNUAL AFFO/sh(3) Growth 17.0% Large portfolio transactions create upside "lumpiness"... 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ...which supports outsized blended growth over time AFFO/sh CAGR Benchmarked to 1995 5.1% 5.2% 5.3% 5.3% 5.3% 5.3% 5.2% 5.1% CAGR 5.1% SINCE 1995 . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 • In 2012, portfolio GREAV was < $6B and earnings CAGR was 4.5% $20,000 $15,000 . Earnings growth has accelerated as portfolio real estate value crossed $10B: $10,000 $5,000 • 6.4% AFFO/sh CAGR since 2012 $0 GROSS RE ASSET VALUE (GREAV)(4) $21,016 $565 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (1) Median FFO | Represents all REITs currently included in MSCI REIT Index with earnings history since 2000 | Source: SNL. (2) Volatility of earnings growth, where accelerating year-over-year growth is replaced with "O". (3) Excludes positive earnings from Crest Net Lease, a subsidiary of Realty Income, as earnings do not reflect recurring business operations. (4) Gross real estate asset value reflects historical year end real estate held for investment, at cost (in millions) 22 22#23Filling the Void as a Premier Sale-Leaseback Financing Partner THE OPPORTUNITY Aggregate Corporate-Owned Real Estate (1) S&P 500Ⓡ ~$1.5 FTSE Russell 3000 + TRILLION -$500 BILLION Blue-chip, best-in-class operators represent Realty Income's target market and account for 75% of real estate owned by public companies Source: Bloomberg (1) Represents real estate owned by publicly traded companies. Calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Excludes energy, financial and real estate industries. REALTY INCOME MOMENTUM Realty Income is Well-Positioned to Continue to Execute on Large-Scale Sale-Leaseback Transactions AGGREGATE ACQUISITIONS VOLUME 2015 YTD 2021 - 40% I I $16 bln of total acquisitions i volume since ! 2015 I I TOTAL ACQUISITIONS VOLUME $6 bln I SLB VOLUME 23#24Crystallizing Value Creation: Illustrative Sale-Leaseback Scenarios SLB transactions: Inherently a deleveraging and value-enhancing exercise for shareholders of corporate sellers $500 MILLION SALE-LEASEBACK TRANSACTION AT 6.0% CAP RATE $30 MILLION ANNUAL LEASE PAYMENT CORPORATE SELLER USES PROCEEDS TO DE-LEVER BALANCE SHEET... REALTY INCOME CORPORATE SELLER USES PROCEEDS FOR SHARE BUYBACK... PRE-SLB $ IN MILLIONS Real Estate PRE-SLB ADJUSTMENTS POST-SLB $ IN MILLIONS ADJUSTMENTS POST-SLB $500 ($500) $0 Real Estate $500 ($500) $0 Total Debt $3,100 ($500) $2,600 Total Debt $3,100 $3,100 Rent $0 $30 $30 Common Equity $6,000 ($500) +$140 $5,640 Total Lease Adj. Debt(1) $3,100 ($500) + $225 $2,825 Shares Outstanding 100 ($500/$60) 91.7 EBITDA $800 ($30) $770 Price/Share $60 Total Debt/EBITDA 3.9x 3.4x Earnings Lease Adj. Debt/ EBITDAR 3.9x 3.5x EPS $61.5 $500 ($30) $470 $5.00 $5.13 (1) Assuming rating agency rent capitalization at 7.5x. P/E 12.0x 12.0x 24 Note: Assuming constant P/E | Corporate seller uses $500 million of SLB proceeds to buy back 8.3 million shares at $60/sh.#25Net Lease Investment Opportunity Set is Not Constrained by Property Type Diageo Transaction in 2010: Template for Creative Sale-Leaseback Opportunities REALTY INCOME REALTY INCOME INVESTMENT CRITERIA Triple Net Lease LEASE Long Lease Term REAL ESTATE CLIENT Single-Client Commercial Property Strategic Location Investment Grade Rated Strong Financial Position Industry Leader DIAGEO PORTFOLIO ATTRIBUTES Triple Net, Sale-Leaseback Transaction 20-year term with extension options for up to 60 years 17 Vineyards leased to Diageo Napa Valley A-/A3/A- Low leverage, strong coverage ratios, and solid free cash flow generation Diageo is a leading global premium drink company (brands include Smirnoff, Baileys, Don Julio, Tanqueray and Guinness) QUANTIFYING VALUE OF THE INVESTMENT GRADE CREDIT In 2016-2017, Diageo paid $75 mm for a release of the guarantee, reducing Realty Income's cost basis by ~25% and resulting in a 10% adjusted cap rate. Treasury Wine Estates, which has lower corporate leverage but no public debt outstanding, assumed the corporate guarantee. 25#26Efficiency of the Net Lease Business Model Supports Cash Flow Stability Lease structure and growth drivers support a more predictable revenue stream relative to other forms of retail real estate UNIQUE "NET LEASE" STRUCTURE DRIVES LOWER CASH FLOW VOLATILITY Initial Length of Lease Remaining Average Term Responsibility for Property Expenses Gross Margin Volatility of Rental Revenue Maintenance Capital Expenditures REALTY INCOME 15+ Years ~ 9 Years Client > 98% Low Low None SHOPPING CENTERS AND MALLS < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low Reliance on Anchor Tenant(s) BEL Average Retail Property Size/ Fungibility 12k sf / High AMPLE EXTERNAL GROWTH OPPORTUNITIES Target Markets ts HIRING! External Acquisition Opportunities Institutional Buyer Competition REALTY INCOME Many High SHOPPING CENTERS AND MALLS Few Low Modest High REALTY INCOME External acquisitions drive 26 26 -2/3 of total earnings growth#27Prudent Capital Allocation Building a high-quality real estate portfolio through prudent, top-down, data-driven investment process. STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE 27#28Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 7,000 Properties $64 BILLION YTD 2021 SOURCED OPPORTUNITIES REALTY INCOME RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION SELECTIVITY: < 6% Considerations Include: • Market & Location • Surrounding Demographics Key Insights: • Strategic Objectives: Identify "Mega Trends" • Research Geographies, Industries and Prospective Clients • • Traffic Counts, Access & Signage • . "Big Data" Analysis of • Rent Relative to Market New and Existing Industries • Construct Optimal Portfolio Price vs Replacement Cost Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis Long-Term Industry Trends Competitive Landscape Corporate Financial Profile ⚫ Client's Long-Term Growth Strategy • Store-Level Performance • ESG Metrics Discussion Points: • Fit in Portfolio and Company Strategy Consideration of Overall Opportunity Pricing and Other Deal Terms Investment Spreads and Long-Term IRR vs Long- Term WACC $3.8 BILLION YTD 2021 ACQUISITIONS VOLUME 28#29Investment Strategy: Returns Must Exceed Long-Term WACC WACC viewpoint balances near-term earnings per share growth with long-term value accretion KEY ASSUMPTIONS & CALCULATION: LONG-TERM COST OF EQUITY LONG-TERM Weighted Average Cost of Capital • • Drives investment decision- making at the property level Considers required "growth" component of equity returns Long-term WACC is the hurdle rate for acquisitions Focus on higher long-term IRR discourages risk-taking REALTY INCOME Beta vs. S&P 500 (since S&P 500 Index Inclusion on 4/6/15) Long-term 10-year U.S. yield (Fitted Instantaneous Forward Rate) Equity market risk premium (S&P 500 Earnings Yield vs 10Y UST) Long-Term Cost of Equity (CAPM methodology) 0.86 3.1% KEY ASSUMPTIONS & CALCULATION: 3.3% 5.9% % LONG-TERM WACC 65% Weight: Long-Term Cost of Equity 7.0% Dividend yield 4.0% Assumed long-term dividend growth rate 4.0% 35% Weight: Cost of Debt (unsecured, 10Y, fixed) Long-Term WACC 2.2% 5.3% Long-Term Cost of Equity (Yield + Growth methodology) 8.0% Long-Term Cost of Equity (Average of two methodologies) 7.0% SHORT-TERM "Nominal 1st-Year Weighted Average Cost of Capital Used to measure initial (year one) earnings accretion KEY ASSUMPTIONS & CALCULATION: NOMINAL 1ST-YEAR WACC 62% Equity: AFFO Yield 5.3% Higher stock price (lower cost) 33% Debt: unsecured, 10-year, fixed 2.2% supports faster growth • Spread on short-term WACC 5% Retained Free Cash Flow 0% required to generate accretion LOW NOMINAL WACC supports ability to spread invest in high-quality real estate opportunities Nominal 1st-Year WACC 4.0% • Unwilling to sacrifice quality to generate wider spreads Note: Cost of capital information uses illustrative assumptions only (as of 10/29/2021). AFFO yield is based on the NTM AFFO/sh consensus. Cost of debt is based on a mix of USD-denominated, GBP-denominated, and EUR-denominated debt. LONG-TERM WACC considers growth requirements of equity and supports focus on residual value of acquisitions 29 29#30ACQUISITION CAP RATE TO ACHIEVE 150 BPS SPREAD REALTY INCOME Philosophical Capital Allocation Mindset: Utilizing Low Cost of Capital to Assemble Highest-Quality Portfolio in Marketplace 8.0% 7.5% 7.0% "HIGH YIELD" INVESTMENT CHARACTERISTICS (HIGHER CAP RATES): Above-market rents / financially-engineered cap rates Poor credit or limited credit availability and track record Thin industry-specific rent coverage Poor real estate (low residual value) Short lease terms Volatile industries Lower long-term IRR 6.5% 6.0% 5.5% 5.0% 3.50% 3.75% 4.00% Note: Cost of capital information uses illustrative assumptions only. Lower cost of capital allows Realty Income to invest in higher quality opportunities to derive the same spread 4.25% 4.50% 4.75% "HIGH QUALITY" INVESTMENT CHARACTERISTICS (LOWER CAP RATES): • • . • At- or below-market rents Strong credit / proven sponsors & clients Above-average rent coverage Flexible alternative use • Long lease terms Stable industries Higher long-term IRR 5.00% NOMINAL 1ST-YEAR WACC Net lease peers with higher cost of capital than Realty Income cannot "afford" to pursue higher-quality opportunities Higher cost of capital forces companies to invest in riskier investment opportunities to derive 150 bps of spread 5.25% 5.50% 5.75% 6.00% 6.25% 30#31Investment Spreads Tend to Persevere Even as Interest Rates Rise RISING INTEREST RATES DO NOT POSE SIGNIFICANT EARNINGS HEADWIND TO THE NET LEASE BUSINESS MODEL REALTY INCOME 12% 10% 8% 6% 4% 2% R²=0.9 It takes 12 months for cap rates to adjust to changing interest rates... -Acquisition Cap Rate Average 10Y UST Yield (12M Lag) 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 600 bps 400 bps 200 bps RECESSIONARY ENVIRONMENT PRESENTS ATTRACTIVE ACQUISITIONS OPPORTUNITIES Measured as acquisition cap rate spread over average 10-year Treasury during a given year indicates recession years 12970 31 0 bps 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021#32Benefits of Size and Scale Capacity to Buy in Bulk at “Wholesale" Prices While Maintaining Diversification LARGER SIZE PROVIDES GROWTH OPTIONALITY TRANSACTION SIZE & IMPACT(1) TO RENT CONCENTRATION TOTAL ABR $100 $200 $300 $400 $500 $1,000 $200 3% 6% 8% 11% 13% 23% $400 1% 3% 4% 6% 7% 13% $600 1% 2% 3% 4% 5% 9% $800 1% 1% 2% 3% 4% 7% $1,000 1% 1% 2% 2% 3% 6% $1,900 <1% <1% <1% 1% <2% 3% $2,800(2) <1% <1% <1% <1% 1% 2% $2.8 BILLION ABR Increased scale post merger allows Realty Income to pursue even larger sale-leaseback transactions without compromising prudent client and industry diversification metrics (1) Assumes 6.0% cap rate | in millions. (2) Estimated ABR post merger. $1.2B portfolio transaction SCALE AND SIZE BENEFITS ILLUSTRATED REALTY INCOME Peers with smaller denominators lack ability to buy in bulk without incurring material diversification risk CIM Transaction (Dec 2019) at ~7% cap rate • 444 single-client properties ~9.5Y • Realty Income estimates cap rate represented a portfolio discount relative to sum-of-the-parts valuation Top 3 client concentration - Dollar General, Walgreens, Dollar Tree / Family Dollar Negligible impact to key portfolio concentrations: Dollar General 3.8% 4.4% WALT Dollar Tree / Family Dollar 3.1% 3.5% Walgreens 5.7% 6.1% 58% Dollar Stores 7.1% 8.0% investment-grade clients Walgreens PHOTO#33Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 9/30/2021 G&A AS % OF NET LEASE PEER MEDIAN(2) S&P 500 REIT PEER MEDIAN(3) 5.8% REALTY INCOME Portfolio growth resulted in improved operating margins, which compare favorably vs. industry peers G&A as % rental revenue(1) 5.0% 2000 2003 2006 2009 2012 2015 2018 YTD 2021 ADJUSTED EBITDAre MARGIN RENTAL REVENUE 5.0% 9.1% 9.4% 92.4% 93.4% ADJUSTED EBITDAre 93.4% 88.2% 81.1% 2000 2003 2006 2009 2012 2015 2018 YTD 2021 MARGIN G&A AS % G&A as % 33 bps 71 bps 68 bps OF GREAV gross RE asset value (bps) (1) 64 bps 33 bps Source: Bloomberg (1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4Q18 | 2020 G&A excludes $3.5 million severance to former CFO paid in 1Q20. Percentage of rental revenue calculation excludes reimbursements. (2) Based on trailing twelve months. Net Lease peers include ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, VER, WPC. (3) Based on trailing twelve months. Excludes non-property REITs: AMT, CCI, EQIX, IRM, SBAC, WY. 2000 2003 2006 2009 2012 2015 2018 Q2 2021 33 33#34REALTY INCOME Recent Acquisitions Demonstrate Bias Towards Quality UNITED STATES Property Type: Class A Industrial Size: approx. 2mm SF Year Built: 2020 - 2021 Strategic Location: DFW (Texas) / $37B+ in annual economic impact Client Industry: Warehousing / Distribution / E-commerce Lease Term: approx. 11 years Contractual Rent Escalators: annual fixed increases of 2.0%+ Key Real Estate Attributes: 15-minute drive population of ~650k, healthy direct vacancy rate of ~5%, annual net absorption of over 20mm sq. ft. for the fifth consecutive year "Green" Attributes: LED lighting, ESFR sprinkler system, TPO roofing, efficient HVAC Property Type: Retail EUROPE Transaction Type: Strategic sale-leaseback with Carrefour in Spain Purchase Price: approx. €93mm Location: Canary Islands, Valencia, Madrid, Basque Country, Navarra, and Castile and León Lease Term: approx. 10 years Contractual Rent Escalators: annual inflation-linked increases Client Profile: Carrefour is the second-largest grocer in Spain and the eighth-largest retailer in the world with ~€70 billion in annual revenue Investment Grade Credit: 'BBB' / 'Baa1' by S&P and Moody's Key Real Estate Attributes: average 10-minute drive population of ~200k, portfolio's average household income above the Spanish median, below market rents support future releasing prospects saler CA Carrefour FRIEN#35Fortress Balance Sheet Our conservative capital structure supports superior financial flexibility. STOP MARIANO'S 35#36REALTY Fortress Balance Sheet - One of Only Seven U.S. REITS with Two A3/A- Ratings or Better ■Commercial Paper GBP Denominated Notes (2) Term Loan ■Revolver (3) ■Mortgages (4) Unsecured Notes $406 $112 STAGGERED DEBT MATURITY PROFILE(1) in $ millions $770 $712 $541 $1,140 $975 $950 $550 $500 $540 $2,098 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+ FAVORABLE CREDIT RATINGS Long-Term Unsecured Debt Rating KEY CREDIT METRICS Low Leverage / Conservative Long-Term Debt Profile (1) As of 9/30/2021. MOODY'S A3 / Stable S&P Global A-/ Stable High Coverage Ratios 5.0x Net Debt to EBITDAre 6.1x Fixed Charge Coverage Ratio 26% Debt to Total Market Cap (2) Represents the principal balance (in USD) of Sterling-denominated note offerings and Sterling-denominated private placement offering converted at the applicable exchange rate on September 30, 2021. (3) As of September 30, 2021, there was no balance of borrowings outstanding under our revolving credit facility. The revolver has a $1 billion accordion feature, which is subject to obtaining lender commitments. (4) includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £31 million converted at the applicable exchange rate on September 30, 2021. 97% Unsecured 96% Fixed Rate 8.3 yrs W.A. term to maturity for notes & bonds INCOME 36#37REALTY Ample Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility $3,112 $518 Liquidity Revolver Availability $2,595 (Net of $405mm borrowings under $1.0 billion commercial paper program)(1) Cash & Equivalents $517 Sources Debt Obligations through 2022 Excess Liquidity, $2,595 Mortgages Payable, $113 CP Borrowings, $405 Uses Through 2022 Note: Values shown in millions. Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts. (1) We use our revolving credit facility as a liquidity backstop for the repayment of the notes issued under our commercial paper program. The revolver has a $1 billion accordion feature, which is subject to obtaining lender commitments. INCOME 37#38High-Quality Real Estate Portfolio Diversified exposure to cash flows guaranteed by best-in- class, blue-chip operators F ELEVEN 149 2-ALEVER 38#39Diversified High-Quality Portfolio CLIENT DIVERSIFICATION - TOP 20 CLIENTS 7-ELEVEN. 5.7% LIFETIME 2.1% FITNESS Walgreens 5.0% B&Q 2.0% DOLLAR GENERAL 4.2% TESCO 1.9% FedEx. 3.4% BJ's 1.8% DOLLAR TREE 3.3% FAMILY DOLLAR Sainsbury's THE DEPOT HOME 1.5% 3.2% 1.4% TREASURY WINE ESTATES Convenience Stores Grocery Stores Dollar Stores Drug Stores Health and Fitness Home Improvement Restaurants - Quick Service Theaters Transportation Services General Merchandise INDUSTRY DIVERSIFICATION(1) % of Revenue REALTY INCOME 11.6% 10.9% 7.5% 7.2% 5.9% 5.6% 5.2% 5.2% 3.8% 3.7% (1) Represents total portfolio annualized contractual rent contribution from U.S. and European properties. PROPERTY TYPE DIVERSIFICATION 2.8% LA FITNESS. CIRCLE K 1.4% 1.5% Agriculture amc 2.5% ♥CVS pharmacy 1.4% THEATRES 2.6% Office REGAL 2.4% Kroger 1.3% 12.2% Industrial Walmart 2.3% 1.2% Fas mart Sam's Club. Note: Orange indicates investment grade clients that are companies or their subsidiaries with a credit rating, as of the balance sheet date, of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). GEOGRAPHIC DIVERSIFICATION TEXAS 10.9% U.K. 9.5% CALIFORNIA 8.2% 83.7% ILLINOIS 5.3% Retail FLORIDA 4.9% 39#40Top 20 Clients Highly Insulated from Changing Consumer Behavior SERVICE-ORIENTED THE HOME DEPOT NON-DISCRETIONARY LIFETIME FITNESS CIRCLE K B&Q Kroger Sainsbury's Walgreens CVS pharmacy TESCO All top 20 clients fall into at least one category: LA FITNESS. Fas mart 7-ELEVEN. ■ Non-Discretionary ☐ Low Price Point Service Retail Non-Retail Note: Walmart represented by both Neighborhood Markets and Sam's Club. amc THEATRES REGAL Walmart Neighborhood Market DOLLAR GENERAL DOLLAR TREE FAMILY DOLLAR BJ's Sam's Club. LOW PRICE POINT REALTY INCOME FedEx இ TREASURY WINE ESTATES NON-RETAIL 40#41REALTY INCOME Diligent Underwriting Process Results in Minimal Exposure to Retail Bankruptcies # Realty Income's strategy is to invest in clients with a non-discretionary, low price point, and / or service-oriented component to their business. TOTAL RETAILER BANKRUPTCIES SINCE 2017 38 Apparel 33 Casual Dining 19 Specialty Retailer fermarmac 18 General Merchandise Grocery Stores PHOTO CENTERE 08 REALTY INCOME 112 of 151 U.S. retailer bankruptcies since 2017 are associated with companies lacking at least one of these characteristics. EXPOSURE AND STRATEGY Limited exposure to the industry; existing exposure is primarily with off-price retailers that have fared better. Immaterial exposure to bankruptcies in this sector. Top two clients are large, national operators with strong access to capital that paid ~97% of rent through the duration of the pandemic. Limited exposure to the industry, primarily with clients selling low price point goods. Exposure to clients selling non-discretionary and/or low price point goods. Immaterial exposure to bankruptcies in this industry. Top two US grocery clients (Kroger and Walmart NM) control ~40% of the US grocery market share and have significant size, scale and access to capital to expand their omni- channel platforms. In the UK, Sainsbury's and Tesco are among the top three grocery operators. Limited exposure to the industry, primarily with off-price retailers. Sporting Goods Entertainment Health and Fitness Jewelry Accessories Consumer Electronics Other Discretionary Retail DRIVE THRU Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively addressing its investment in this industry since 2016. AX DRIVE THRU Immaterial exposure to entertainment clients outside of the movie theaters, and minimal exposure to bankruptcies. Top two clients are large, national operators with strong scale and access to capital, one of which paid 100% of rent through the duration of the pandemic. Immaterial exposure to this industry. No exposure to bankruptcies. Immaterial exposure to a large, national operator with strong balance sheet and successful omni-channel platform. No exposure to bankruptcies. No exposure to retailers that filed bankruptcy. 41 PUL 8665334#42REALTY INCOME Investing in Realty Income = Diversified Credit Exposure to Best-in-Class Operators Realty Income dividend yield is superior to 10-year bond yields of its underlying clients Investing in Realty Income vs investing in individual bonds of top clients (1) CONVENIENCE STORES PREMIUM YIELD WITH BOND-LIKE SAFETY GUARANTEED BY INVESTMENT GRADE CREDITS Walgreens 7-ELEVEN. DOLLAR GENERAL Kroger 7-ELEVEN. CIRCLE K TM DIVERSIFICATION INCOME GROWTH POTENTIAL 25+ YEAR HISTORY OF INCREASING INCOME YIELD PRODUCING 4.4% (2) ✓ ✓ GROCERY STORES DOLLAR STORES DRUG STORES Kroger Walmart TESCO × DOLLAR TREE CVS pharmacy Walgreens DOLLAR GENERAL × × 2.3% (3) 1.9% (3) 2.3% (3) 3.2% (3) (1) The sample size represents Realty Income's clients from top four industries that have 10-year public unsecured debt outstanding. (2) Represents dividend yield as of 9/30/2021. (3) Weighted average (by rent) ~10-year unsecured bond yields for each industry. As of 9/30/2021. 42 42#43Credit Valuation Arbitrage: Acquiring Cash Flow from Blue-Chip Operators at Attractive Real Estate Spreads NET LEASE ACQUISITIONS GENERATE PREMIUM INCOME STREAM RELATIVE TO BONDS Top 50 Clients Represent (2) ~70% of total annual rent ~40% of total annual rent from clients with public ~10-yr notes outstanding -60% of Top 50 clients have an investment grade credit rating(3) Walgreens 7-ELEVEN. CIRCLE K BBB-/Baa3 weighted average credit rating ❤CVS pharmacy LOWE'S THE HOME DEPOT FedEx. DOLLAR GENERAL amcor TESCO TSC TRACTOR SUPPLY CO Kroger DOLLAR TREE O'Reilly Walmart TBC Advance Auto Parts AUTO PARTS CORPORATION Source: Bloomberg (1) Weighted average (by rent) ~10-year bond yields as of 9/30/2021. (2) As of 9/30/2021. (3) As measured by rent. -15% of clients (by rent) are not rated. Investment grade clients are clients with a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody's/S&P/Fitch). Realty Income's acquisitions generate ~300 bps spread over comparable bond yields 246 bps 550 bps (1) Top 50 Client 10-Year Bond Yields 3Q21 Acquisition Cap Rate REALTY INCOME 43#44REALTY INCOME Stable and Predictable Cash Flows Supported by High-Quality Real Estate Portfolio 0 Industry-Leading Occupancy Levels, Consistent During Various Economic Cycles S&P 500 REIT O Median ---S&P 500 REIT Median (1) CONSISTENCY BY DESIGN: 99.5% 98.4% 98.2% 97.7% 97.7% 98.1% 97.9% 98.5% 98.7% 97.9% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 97.9% 98.8% *97.0% 96.8% 96.6% 96.7% 97.2% 98.2% Careful underwriting at acquisition Long initial lease term 93.8% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 2021 MAXIMIZING REAL ESTATE VALUE: Strategic management of rollovers Proactively addressing portfolio "watch list" Resolved over 3,800 lease expirations since 1996 Weighted average lease term of 8.8 years Strong underlying real estate quality Strategy of owning "mission critical" locations Diversified client industries with strong fundamentals Prudent disposition activity Manageable Lease Expiration Schedule Provides High Visibility into Future Cash Flows 6.3% 7.0% 8.0% 3.5% 5.1% 5.5% 5.7% 7.4% 5.0% 0.6% 2021 (1) Includes 22 S&P 500 constituents, excluding non-property REITs, such as AMT, CCI, EQIX, IRM, SBAC, WY. Occupancy calculated by number of properties. Lease expiration schedule represents percentage of total portfolio annualized contractual rent. 45.9% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031-2046 44#45Proven Track Record of Value-Add Asset and Portfolio Management REALTY INCOME Strong client retention rates are a testament to real estate quality, operator quality, active asset management and mutually beneficial client relationships(1) 85% 77% 91% 94% 93% 94% 81% 2015 2016 2017 2018 2019 2020 Rents at or below market at acquisition result in above 100% recapture ratios at expiration. Re-leased over 3,200 properties at 100.8% recapture rate (2) since 1996. One of the few net lease companies that report re-leasing results. (1) Based on number of leases re-leased to same clients each year. (2) Reflects cash rent recapture inclusive of client improvement spend (immaterial). YTD 2021 Strong client retention supports industry-leading leasing spreads Accretive Re-Leasing Activity is a Result of Prudent Underwriting (2) 104.5% 105.5% 103.3% 105.5% 100.9% 102.6% 100.0% 2015 2016 2017 2018 2019 2020 YTD 2021 45#46REALTY INCOME Capital-Light Real Estate Portfolio is a Differentiating Factor vs Other Property Types "HIDDEN" COST OF SUPPORTING PORTFOLIO REVENUE: RARELY CAPTURED IN NAREIT-DEFINED FFO MULTIPLES.... NAREIT-DEFINED FUNDS FROM OPERATIONS (FFO) (NOT INTENDED TO MEASURE CASH GENERATION OR DIVIDEND PAYING CAPACITY) Recurring Capital Expenditures as % of NOI: Realty Income vs. Competing Real Estate Sectors (1) Less than 1% of Realty Income's NOI is spent on recurring capex 9.2% Generally used as primary valuation multiple for other Real Estate sectors and excludes recurring Capex associated with maintaining revenue-generating capacity of portfolio 0.6% 5.2% 7.6% 7.2% 6.9% Healthcare Shopping Center Office Industrial Mall Source: SNL, Company Filings. (1) Analysis represents simple average of 52 representative companies across five property types. Based on annual data between 2012 and 2020. ....BUT IS BETTER REFLECTED IN AFFO MULTIPLES ADJUSTED FFO (AFFO) (CLOSE PROXY FOR RECURRING CASH EARNINGS) Generally used as a valuation metric for net lease sector and includes impact of recurring Capex (defined by Realty as mandatory and repetitive landlord capex obligations that have a limited useful life) 46#47European Portfolio Overview Sale-leaseback transaction with Sainsbury's in May 2019 was a foundation for a growth platform in Europe Expre Sainsbury's SHINE 82 Argos Home Sainsbu F cash withd 47#48European Portfolio Snapshot REALTY INCOME 114 properties 100% occupancy ~8.9mm leasable square feet REALTY INCOME HAS CONTINUED TO GROW ITS EUROPEAN PRESENCE WITH INVESTMENTS OF ~$3.3 BILLION THROUGH SEPTEMBER 30, 2021 ~$187mm 9.9% annualized contractual rent ~11 years wtd. avg. remaining lease term of total portfolio annualized contractual rent $549.2 REALTY INCOME'S QUARTERLY INVESTMENT VOLUMES IN EUROPE (in millions) $591.8 $532.5 ~$3.3 billion invested in real estate in the U.K. and Spain since international expansion in May 2019 $221.0 $165.6 $58.2 $230.0 $467.2 $403.0 $27.6 2019 2019 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 48#49European Portfolio Snapshot (cont'd) CLIENT DIVERSIFICATION - TOP EUROPEAN CLIENTS(1) Sainsbury's B&Q 20.6% TESCO 19.7% 33.6% EUROPEAN PORTFOLIO BY INDUSTRY(1) Other, 7.1% Warehousing and Storage, 3.0% Home Improvement, 24.2% KEY HIGHLIGHTS REALTY INCOME Grocery, 65.7% Other 26.1% (1) Based on percentages of total European portfolio annualized contractual rent as of September 30, 2021. (2) Based on market share. Source: Kantar World Panel. (3) Source: Mintel, 2019. Diversified portfolio leased to clients operating in non-discretionary industries Sainsbury's and Tesco are the top grocers in the U.K. (2), and Carrefour is the 2nd largest grocer in Spain B&Q (Kingfisher) is the largest home improvement retailer in the U.K. and is number two in France (3) 49#50ESG Overview We are committed to partnering with our clients on ESG initiatives to uphold our corporate responsibilities as a public company for the benefit of our stakeholders. & Panera BREAD DRIVE THRU HWHHH Panera BREA DRIVE THRU ORNE (6) STOP 50#51REALTY INCOME ESG Overview OUR COMMITMENT Realty Income is committed to conducting our business according to the highest ethical standards. We are dedicated to providing an engaging, inclusive, and safe work environment for our employees, operating our business in an environmentally conscious manner, and upholding our corporate responsibilities as a public company for the benefit of our stakeholders. GOVERNANCE(1) KEY BOARD CHARACTERISTICS We seek to compose our Board of directors with members who contribute to diversity of background, expertise, perspective, age, gender, and ethnicity. ESG OVERSIGHT The Nominating/Corporate Governance Committee of our Board of Directors has direct oversight of the policies, programs and practices related to ESG matters of significance to the company. OUR STAKEHOLDERS Investors Clients Team Community (1) Post VEREIT merger. Note: for additional information, refer to our Sustainability Report which can be found at: https://www.realtyincome.com/corporate-responsibility/sustainability-report ~40% OF OUR BOARD IDENTIFIES AS FEMALE ~70% OF OUR BOARD IS FROM UNDERREPRESENTED COMMUNITIES 92% INDEPENDENT All our directors other than our CEO are independent. DIRECTOR TENURE 6 1 5 >11 years 51 6-11 years <6 years#52REALTY INCOME Social Responsibility Panera BREAD DRIVE THRU Social OUR COMMITMENT: We put great effort into cultivating an inclusive company culture. We are one team, and together we are committed to providing an engaging work environment centered on our values of integrity, respect, and humility. We hire talented employees with diverse backgrounds and perspectives and work to provide an environment with regular open communication where capable team members have fulfilling careers and are encouraged to engage with and make a positive impact with business partners and in the communities where we operate. HHHHHUGH Hiring and Retention - Competitive pay & benefits; Internal Talent Mobility Program; Mentorship Program. Human Capital Development - Continued education; training and development. Employee Health, Safety & Wellbeing - "O"verall Wellbeing Program. Human Rights - Read our Human Rights Policy on our website! Engagement - We conduct employee engagement surveys every 18 months. Social Justice - Read our Statement on Racial Justice and Equality for All on our website! Community Service - Our community partnerships and charitable giving reflect our commitment. 2019 52 52#53Environmental Responsibility Environmental OUR COMMITMENT: We remain committed to sustainable business practices in our day-to-day activities by encouraging a culture of environmental responsibility at our headquarters and within our communities. We work with our clients to promote environmental responsibility at the properties we own. Starting to realize the benefits of property-level energy efficiency commitments. Expanding and incorporating a greater volume of “Green Lease Clauses". Scaling collaborative client engagement projects. REALTY INCOME GRES B Working with strategic partners to identify sustainable portfolio initiatives. Providing our team with resources to further client partnership opportunities. MSCI S&P Global Ratings Continuing to strengthen our sustainability governance structure across portfolio. SUSTAINALYTICS 53#54Green Financing Framework Summary REALTY INCOME We believe we all have a shared responsibility to our community and the planet. As a leading company in the U.S. REIT industry, we feel we have a role to play in driving positive change and we are committed to exploring ways in which we can partner with our clients to realize this objective. We aspire to be a sustainability leader in the net lease REIT sector and have established a Green Financing Framework that includes the following: Use of Proceeds: Green Buildings, Energy Efficiency, Clean Transportation, Renewable Energy, Sustainable Water and Wastewater Management, Pollution Prevention and Control, Climate Change Adaption Process for Project Evaluation and Selection: Realty Income's Green Finance Committee (or a subcommittee thereof) Management of Proceeds: Allocation of amount equal to net proceeds to the financing and refinancing of completed, current and future Eligible Green Projects Reporting: Annually until full allocation of net proceeds on the sustainability page of our website and including, where applicable, quantification of environmental benefits using key performance indicators (KPIs) We have followed the International Capital Market Association's (ICMA) 2021 Green Bond Principles and received an external review from a leading Second Party Opinion (SPO) provider, DNV, to further establish confidence in our approach. Note: for additional information, refer to our Green Financing Framework which can be found at: https://www.realtyincome.com/corporate-responsibility/Green-Financing-Framework 54#55. Appendix VEREIT Refinancing Opportunity Quantified Inflation Insulated Business Model International Expansion Opportunity Top Industry Investment Theses PHOTO CENTER LIQUOR RXDRIVE THRU CVS pharmacy Sun 24 pharmac HOURS GVE Pharmacy 1030 R DRIVE THRU LIQU mera 55#56VEREIT Refinancing Opportunity Quantified Superior credit ratings and access to international capital markets provide organic growth lever for value creation... REALTY INCOME Synergies amplified: As capital allocation progresses throughout Europe, refinancing opportunities support natural hedging needs Cumulative Annualized Interest Expense Accretion (1) in $ millions £ € Year Maturities(2) Rate 2.3% 2.0% 0.9% $50 - $80 Million 2022 239 4.8% 7 9 2023 148 4.3% 10 14 2024 1,175 4.8% 38 43 60 ANNUALIZED ACCRETION BY YE 2025(1) 2025 551 4.6% 51 57 81 Through 2025 $2,113 4.7% $51 $57 $81 2026 601 4.9% 67 75 105 $90 - $175 Million 2027 633 4.0% 77 87 124 2028 1,101 2.9% 84 97 146 2029 601 3.1% 89 104 159 ANNUALIZED ACCRETION OVER NEXT 10 YEARS (1) 2030 1 5.5% 89 104 160 2032 700 2.9% 93 110 174 Total $5,750 3.9% $93 $110 $174 56 (1) Estimated based on various 10-yr indicatives as of 10/29/2021. (2) As of September 30, 2021 reported capital structure adjusted for previously disclosed activity.#57Inflation: Immaterial Impact on Realty Income's Business LONG-TERM DEFLATIONARY TRENDS THE BALANCE OF INFLATIONARY FORCES SHORT-TERM INFLATIONARY FORCES REALTY INCOME While there are inflationary forces at play in the short-term, we believe deflationary trends are likely to counter-balance long-term inflationary pressures Inflation translates into stronger fundamentals for our clients' businesses, leading to higher rent coverage ratios And, as the prices of raw materials, land, and labor increase, the value of our existing portfolio increases as well DEBT Outstanding debt will eventually have to be repaid iis DEMOGRAPHICS Aging populations tend to spend less money CHINA Producing goods at low cost and low prices TECHNOLOGY Driving costs down through improved efficiency GOVERNMENT SPENDING Printing money as a result of the COVID- 19 Pandemic COMMODITY PRICING? WAGE INFLATION? CONSUMER SPENDING? INFLATION INSULATION ~85% ~30% Of leases have built in rent escalators Of properties have leases linked to CPI, where most leases have both a multiplier and a capped total increase ~53% of properties have leases with set increases (1) Correlation calculated from 1995 through 2020. 0.06 0.25 Correlation coefficient for inflation vs Realty Income's performance compared to the FTSE NAREIT US Equity REIT Index(1) Correlation coefficient of inflation and Realty Income relative TSR to the S&P 500 Index(1) Historically, Realty Income has outperformed in an inflationary environment 57#58REALTY INCOME UK Density Supports Long-Term Real Estate Stability Limited retail supply and supply growth also supports long-term viability of stable cash flow generation. The UK, by population, is approximately the size of California and Texas combined. 67.9M Current Population(1) UK POPULATION AND PROJECTIONS (1) 80 Population Projected Population 60 57 40 (in millions) 1991 2001 2011 67.9 M 2020 2021 RETAIL SQUARE FOOTAGE PER CAPITA (2) Spain 4 UK 5 US The UK, by land area, 73 is approximately the size of Oregon. 93,628 Square Miles 2031 2041 Source: (1) UK Office for National Statistics. (2) ICSC; Springboard. (3) 2020 GDP. Source: OECD National Accounts Data files; Bureau of Economic Analysis; Savills Aguirre Newman. 24 The UK, by GDP, is approximately the size of California. Population density and growth, combined with limited retail supply and supply growth, creates compelling opportunity for long-term real estate investors. $2.7 Trillion GDP(3) 58#59Spain Considerations as Market for European Entry: Strong GDP growth, sizable addressable market, low financing costs GROWING ECONOMY: Spain GDP growth is expected to outperform the Euro Area 4.6% 6.1% 7.5% 3Q21 4Q21 1Q22 € 3,000 LARGE ADDRESSABLE MARKET suggests deep pipeline of future expansion opportunity € 2,000 Source: (1) Barclays Economics. (2) CBRE Research. € 1,000 EXPECTED REAL GDP GROWTH(1) (year/year) 6.4% 2Q22 ■Spain Euro Area 3.9% 3.1% 3Q22 TOTAL RETAIL REAL ESTATE INVESTMENT VOLUME (2) (in millions) Pipeline 4Q22 € 0 2019 2020 2021E 59#60Convenience Stores (11.6% of ABR) Quality real estate locations with inelastic demand -20% of all shoppers claim to visit a c-store to purchase food-to-go(1). ~70% of inside sales are generated by customers not buying gas(2). 165M people shop in c-stores everyday (3) GROSS MARGIN(3) 2040 SNAPSHOT £ Q Q f f f £ £ £ £ £ £ £ £ £ £ £ VEHICLES ON THE ROAD IN 2040(4) REALTY INCOME In 2040, EVs will make up about 6% of all vehicles on the road, while EVs will account for about 10% of all new vehicle sales. AVG AGE OF CARS ON THE ROAD 11.8 YEARS (4) 7-ELEVEN: INSIDE SAME-STORE SALES: 18 Consecutive Years of Positive Same-Store Sales Growth (5) RA 8% Great Recession 6% 5.3% ~9% Margin 30%+ Margin 4.4% 4% 3.1% Gasoline In Store Sales 3.1% 3.2% 2% ~70% of gross profit is generated from inside sales 0% Source: (1) Explorer Research. (2) Realty Income estimates based on industry component data. (3) National Association of Convenience Stores. Gross margins are averages over the past five years. (4) U.S. Energy Information Administration and Bureau of Transportation Statistics. (5) Company Filings. 0.6% 1.5% 0.4% 3.1% 2.8% 2.9% 1.0% 5.8% 2.4% 1.9% 2.1% 0.9% 1.6% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 60#61Grocery (10.9% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 26% Realty Income's top two U.S. grocery clients control 40% of U.S. grocery market share 14% 7% 3% 2% 2% E-COMMERCE RESISTANT INDUSTRY 67% 46% unti DRIVEN DY NATUR DOLLAR GENERAL WHOLESALE amazon Other SUPERVALU Source: Walmart (1) Barclays Research, 2020. Kroger COSTCO (2) Kantar World Panel for 12 weeks ending 10/3/2021. Food-at-Home as a % of Total Food Expenditure(3) REALTY INCOME U.K. Grocery Market Share(2) Realty Income's top two U.K. grocery clients control 42% of U.K. grocery market share 17% 8% 5% ■Big 4 ■Discounters ■Convenience ■Premium ■■"Pure play" online 2% TESCO Sainsbury's ASDA SPAR Iceland.co.uk Morrisons 9810 Waitrose C ocado amazon POSITIVE OUTLOOK ON THE SPANISH GROCERY INDUSTRY: Food-at-home spending more prevalent, online grocery spending less common 66% 61% 52% Source: (3) Statista.com, Gov.uk, USDA ERS. Spain (4) CBRE, Statista.com, Multichannelmerchant.com, Kantar. 4.5% Pre-COVID Online Grocery Penetration (4) 7.4% 1.3% UK US Spain US UK 61#62Dollar Stores (7.5% of ABR) Growing industry: 89% of all shoppers across geographies, income levels, and demographics shop at discount retailers. $120 $100 +6% $80 $60 $40 US Discount Store Market Size (in billions)(1) +5% REALTY INCOME Dollar General & Dollar Tree: Same-Store Sales Growth (2) Counter-cyclical protection due to a trade down effect and e-commerce resiliency. 7.3% 5.7% 9.5% 7.2% 4.6% 2.0% 16.3% DOLLAR GENERAL DOLLAR TREE 6.1% 4.3% 3.9% 3.2% $20 0.1% -0.8% 4.9% 2.4% 1.8% 0.9% 0.9% 1.7% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: (1) National Retail Federation. (2) Company Filings. DOLLAR GENERAL Rece DOLLAR TREE 62 62#63Drug Stores (7.2% of ABR) Bundled service partnerships and vertical integration among incumbents insulates industry from outside threats. 000 00 00 Both Walgreens and CVS are investing in improved customer experience. Walgreens plans to open 1,000 full-service doctor offices by the end of 2027. CVS aims to implement 1,500 Health HUB locations by the end of 2021. Source: (1) CVS filings. (2) Company Documents. (3) Company Filings as reported by IQVIA. (4) Company Filings | Latest reported quarter. Walgreens PHOTO 80% Of the scope of a typical primary care physician treatable at an on-site clinic(1). 85% Of the US population lives within 3 miles of a Walgreens or CVS(2). ~50% REALTY INCOME 7.2% 3013 2.0% 4Q13 1014 2014 3014 4Q14 1015 2015 3015 4Q15 1016 2016 3Q16 4Q16 1017 2017 3Q17 4017 1018 0.0% 2018 3Q18 4018 1Q19 2019 3Q19 4019 1020 2020 3Q20 4Q20 1021 6.0% 5.8% 5.8% 7.4% 6.0% 8.4% WAAZ 3.7% 2.0% 5.6% 2.8% 1.9% 2.5% 5.0% 3.5% 4.5% 3.2% 9.7% 9.3% Walgreens: 33 of 34 Quarters of Positive Same-Store Pharmacy Sales Growth (4). Combined retail prescription market share of Walgreens and CVS (3). 8.9% 2021 3Q21 4Q21 63 83#64Health & Fitness (5.9% of ABR) Illustrative Gym Rent Coverage Sensitivity REVENUES STAFFING COSTS REPAIRS & MAINTENANCE EBITDAR RENT EBITDAR COVERAGE Source: REALTY INCOME LIFETIM ATHLET FAVORABLE CONSUMER TRENDS AND DEMOGRAPHIC TAILWINDS: Growing market as consumers increasingly value health. ✓ Consumer surveys indicate that 94% of pre-pandemic gym-goers will return in some capacity(1). E-COMMERCE RESILIENT INDUSTRY: Health clubs offer unique experiences to their members that cannot be replicated online (i.e. socializing, amenities). Service-oriented business model makes the core real estate essential to operators. ORIGINAL ECONOMICS NEW ECONOMICS 100 50% 50 (25) (25) (5) (5) 70 20 ATTRACTIVE MARGIN OF SAFETY, EXPOSURE TO TOP OPERATORS: ✓ Average CFC of portfolio (2) allows for 40% sales drop to breakeven. 20 20 3.5x 1.0x ✔ Top exposure is with #1 operator (L.A. Fitness, a low-cost provider) and premium provider that performed well during prior economic downturn (Life Time Fitness). (1) IHRSA. (2) Average CFC of portfolio based on locations that report sales. 64#65• Investor Presentation CALCULATED CONSOLIDATION November 2021 REALTY INCOME The Monthly Dividend Company® SainsburyS Walmart Neighborhood Market Argos STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE