#1• Investor Presentation CALCULATED CONSOLIDATION August 2023 REALTY INCOME The Monthly Dividend Company® SainsburyS Walmart Neighborhood Market Argos STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE#2REALTY INCOME Safe Harbor For Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this presentation, the words “estimated,” “anticipated,” “expect,” "believe," "intend,” “continue,” “should,” “may,” “likely,” “plans,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business and portfolio (including our growth strategies and our intention to acquire or dispose of additional domestic and international properties and the timing of these acquisitions and dispositions), re-lease, redevelopment and speculative development of properties and expenditures related thereto; future operations and results; the announcement of operating results, strategy, plans, settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program, dividends, guidance, and the intentions of management; and trends in our business, including trends in the market for long-term net leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us, which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a REIT; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding; continued volatility and uncertainty in the credit markets and broader financial markets; other risks inherent in the real estate business including our clients' defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters; impairments in the value of our real estate assets; changes in domestic and foreign income tax laws and rates; our clients' solvency; property ownership through joint ventures and partnerships which may limit control of the underlying investments; current or future epidemics or pandemics, measures taken to limit their spread, the impacts on us, our business, our clients (including those in the theater and fitness industries), and the economy generally; the loss of key personnel; the outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; any effects of uncertainties regarding whether the anticipated benefits or results of our merger with VEREIT, Inc. will be achieved; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this presentation. Actual plans and operating results may differ materially from what is expressed or forecasted in this presentation. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. Clients, Trademarks and Logos Realty Income is not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the clients or of their products or services pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. All data as of June 30, 2023 unless noted otherwise. 2#3Key Takeaways REALTY INCOME Realty Income's track record illustrates superior total return per unit of volatility. Our external growth opportunities are broad including diverse property types and geographies. ncrease 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 fragmented net lease industry. With over 13,100 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. Our selective capital allocation philosophy supports superior financial and operational stability relative to REIT peers, particularly during economic downturns. REALTY INCOME Our strong balance sheet and access to a low-cost, diversified capital pool supports the curation of a superior 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. 3#4REALTY INCOME Table of Contents REALTY INCOME OVERVIEW, INVESTMENT THESIS, AND PROVEN TRACK RECORD PERFORMANCE TRACK RECORD DIVERSIFIED HIGH-QUALITY REAL ESTATE PORTFOLIO 5 12 18 STRONG BALANCE SHEET 24 LEVERAGING SIZE AND SCALE TO DRIVE PROFITABLE GROWTH 27 PRUDENT CAPITAL ALLOCATION FRAMEWORK 34 CONSISTENT CURATION OF GROWTH VERTICALS 41 GROWING INTERNATIONAL PORTFOLIO 49 12970 ESG OVERVIEW APPENDIX 52 56 4#5Investment Thesis PROVEN TRACK RECORD OF RETURNS... 14.2% Compound Annual Total 0.5 Return Since '94 NYSE Listing Beta vs. S&P 500 Since '94 NYSE Listing(1) STABILITY AND GROWTH OF EARNINGS... REALTY INCOME 26 of 27 Years of Positive Earnings Per Share(2) Growth 5% Median AFFO Per Share Growth Since 1996 (2) CONSISTENTLY INCREASING DIVIDENDS... 4.4% Compound Annual Dividend Growth Rate Since 1994 S&P 500 Dividend AristocratsⓇ Index Member POSITIONED FOR CONTINUED GROWTH... $12+ Trillion Estimated Global Net Lease Addressable Market(3) $95 Billion Sourced Acquisition Opportunities in 2022 (1) Beta measured using monthly frequency. (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. (3) Refer to page 28 for calculation methodology. Note: The area chart reflects Realty Income's total shareholder return since 10/18/1994 through 6/30/2023. 5#6Realty Income is the Global Leader in a Fragmented Net Lease Sector REALTY INCOME ~$62B enterprise value 54+ years of operating history SIZE, SCALE AND QUALITY ~$3.8B annualized base rent 13,118 A3/A- credit ratings by Moody's & S&P ~40% GROWING INTERNATIONAL PRESENCE 4th largest global REIT(2) $7.6B European Portfolio 303 assets ~9 years remaining lease term 38 industries commercial real estate properties of rent from investment grade clients (1) DIVERSIFIED REAL ESTATE PORTFOLIO 1,303 clients Other 85 Non-retail 15% industries 50 U.S. states and Puerto Rico, Ireland, Italy, Spain and the U.K. 9% 76% Non-discretionary, Low Price Point and/or Service-oriented Retail ~91% of total rent is resilient to economic STRONG DIVIDEND TRACK RECORD(3) 29 Consecutive Years of Rising Dividends $3.066 637 monthly dividends declared 103 consecutive quarterly increases S&P 500 Dividend Aristocrats® index member +4.4% CAGR downturns and/or isolated from $0.90 e-commerce pressures 1994 1997 2000 2003 2006 2009 2012 2015 2018 2021 2023 6 (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). (2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. As of 7/19/2023. (3) As of July 2023 dividend declaration.#7Proven Track Record of Value Creation Real estate gross asset value has grown by over 100X since NYSE listing (1) $451 million NYSE 1994 Realty Income began trading on the NYSE under the ticker symbol "O". William and Joan Clark founded Realty Income, after acquiring a Taco Bell from founder Glen Bell. 1969 Received investment grade rating from Moody's, S&P, and Fitch. 1996 1994 1996 MOODY'S S&P Global Fitch Ratings 1999 2002 GROSS RE BOOK VALUE Cost at year end (1) 2005 (1) Gross real estate book value reflects historical year end (quarter end for the current year) real estate held for investment, at cost. S&P 500Ⓡ 2015 Realty Income added to the S&P 500 Index. 25 Consecutive years of dividend growth 2020 Realty Income added to the S&P 500 Dividend Aristocrat Index. REALTY INCOME $47 billion Acquired ARCT totaling 515 properties for $3.2 billion. 2013 Received credit rating upgrade to 'A3' / 'A-' by Moody's/S&P. VEREIT merger and spin-off of combined company's office properties. 2021 AR AMERICAN REALTY CAPITAL TRUST V, INC. 2017/18 MOODY'S S&P Global VEREIT 2008 2011 2014 2017 2020 2023 7#8REALTY INCOME Proven Track Record of Establishing New Verticals for Growth PROPERTY TYPES Spain U.K. GEOGRAPHIES Sainsbury's Carrefour Italy Advent into Italy with Metro, AG acquisition. $47 billion Ireland 2010 Initiated industrial real estate strategy, which now represents 13% of annualized contractual rent. Industrial 2019 1st international investment via Sainsbury's sale- leaseback in the UK. 2021 Entered Spain via a sale-leaseback with Carrefour. $4 billion 2 wineries and 14 vineyards totaling 3,600 acres were acquired from Diageo for $304.1 million.(2) 2010 2010 BV Vineyards GROSS RE BOOK VALUE Cost at year end (1) 2014 (1) Gross real estate book value reflects historical year end ((quarter end for the current year) real estate held for investment, at cost. (2) The properties produced wine for Sterling and Beaulieu Vineyards brands which were subsequently acquired by Treasury Wine Estate in 2015. 2017 2022 Marked entry into Gaming with $1.7 billion Wynn Encore Boston Harbor acquisition. 2022 INDUSTRIES Entered strategic development alliance with vertical farming operator Plenty. Gaming 2023 2023 Expansion into Ireland. Vertical Farming 2020 2023 8#9REALTY INCOME Consistently Positive Total Operational Return with Limited Historical Downside Volatility CUMULATIVE TOTAL OPERATIONAL RETURN(1) TOTAL OPERATIONAL RETURN(1) S&P 500 Median From 2015-2022: 110.1% 111.2% Realty Income TOR(1) Cumulative Growth, 8-year S&P 500 Median 11.4% 9.8% 8.4% 10.6% 8.9% TOR(1) Cumulative Growth, 8-year S&P 500 CONSTITUENTS WITH TOTAL OPERATIONAL RETURN < 0 (%) 29.5% 30.7% 31.2% 28.4% 27.6% 45.1% 30.1% 22.7% 2015 2016 2017 2018 2019 2020 2021 2022 12.4% 10.6% 5.9% 2015 2016 2017 2018 2019 2020 2021 2022 YEARS OF NEGATIVE TOTAL OPERATIONAL RETURN(1) From 2015-2022: None Realty Income < 2.0 YEARS Median S&P 500 company (1) Total Operational Return is the sum of annual Earnings per share (AFFO per share for Realty Income and other REITs) growth plus annual dividend per share divided by stock price at prior year end, in each case, based on reported amounts. Note: AFFO is a non-GAAP metric, and different adjustments may be applied to each company's calculation of AFFO, and thus may not be comparable to the Company's calculation of AFFO. AFFO/sh for Realty Income and other REITS may not be directly comparable to EPS for other S&P 500 companies. 9#10180 140 100 REALTY INCOME Sale-Leaseback Market Opportunities in the S&P 500 Face Potential Structural and Cyclical Tailwinds The term 'sale-leaseback' has become more frequently referenced in recent public mentions (1) by S&P 500 companies (ex-REITs) compared to its historical usage(2). Over $1.2 trillion of debt matures in 2024 - 2027 for S&P 500 companies in Realty Income's addressable universe, and elevated bond yields support continued attractiveness of SLB financing. S&P 500 ADDRESSABLE UNIVERSE(4) Debt Maturities (billions) 'SALE-LEASEBACK' IN S&P 500 PUBLIC MENTIONS(1) ex-REITS $292 $327 $285 $300 $2,129 2024 2025 2026 2027 2028+ $1.6 TRILLION Real Estate owned by S&P 500 Addressable Universe (5) HIGH YIELD BONDS (6) vs CAP RATES ICE BofA US High Yield Index O Acquisitions Cap Rate 9% 60 7% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +39% Increase from 2010 - 2023(3) Source: Company filings and documents, Bloomberg, Bureau of Economic Analysis, St. Louis Fed. (1) Count of term "sale-leaseback" within S&P 500 ex-REITS company documents (earnings call transcripts, investor presentations, SEC filings, press releases). Based on the S&P 500 index members as of 6/30/2023. 5% 3% (2) Increased usage of the term 'sale-leaseback' in public mentions might not indicate ability or willingness of a company to participate in a real estate sale- leaseback transaction. 2021 2022 (3) Represents increase in public mentions from calendar year 2010 to 12 months ending 7/1/2023. (4) Represents debt of companies in the S&P 500 as of 6/30/2023, excluding energy, materials, industrials, financials and real estate industries. (5) Real estate calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Represents real estate of companies in the S&P 500 as of 6/30/2023, excluding energy, materials, industrials, financials and real estate industries. (6) ICE BofA US High Yield Index Effective Yield. 2023 10#11Crystallizing 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 Capitalization $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 $61.5 Total Debt/EBITDA 3.9x 3.4x Earnings $500 ($30) $470 Lease Adj. Debt/ EBITDAR 3.9x 3.5x EPS $5.00 $5.13 Note: The information on this slide is for illustrative purposes only and contains many assumptions that may and will differ depending on many factors, including the company, the transaction and the market generally. (1) Assuming rating agency rent capitalization at 7.5x. P/E 12.0x 12.0x 11 Note: Assuming constant P/E | Corporate seller uses $500 million of SLB proceeds to buy back 8.3 million shares at $60/sh.#12Performance 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 12#13TOTAL RETURN CAGR SINCE 1994 Attractive Risk/Reward vs. S&P 500 Companies and REIT Peers 30% 20% 10% 0% -10% 2.0 1.5 S&P 500 Members(1)(2) 1.0 BETA Source: Bloomberg (1) Excludes companies without trading histories dating to 10/18/1994. Beta measured using monthly frequency. (2) n=248. Realty Income return per unit of market risk is in the 91st percentile of all S&P 500 companies Return: 14.2% 20% 15% Beta: 0.5 TOTAL RETURN CAGR SINCE 1994 10% 5% 0% REALTY INCOME Historically, Realty Income delivered more return per unit of risk vs. majority of S&P 500 companies and S&P 500 REITS S&P 500 REITS (1) -5% 0.5 0.0 1.4 1.2 1.0 0.8 0.6 0.4 BETA 13#14REALTY INCOME Stable Earnings and Low Dividend Volatility Supports Low Share Price Volatility 25% 20% 15% ANNUAL TOTAL SHAREHOLDER RETURN AMONG S&P 500 COMPANIES: Downside Volatility Since 1994(1) 10% Realty Income's TSR Downside Volatility since 1994 NYSE Listing is 3.6%, the fifth-lowest of all S&P 500 constituents (2) 5% Realty Income is among names, such as JNJ, AZO, ROST, SO distinguished by low volatility of their total shareholder returns 90 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=252 S&P 500 constituents as of 12/31/22 with trading histories dating to 10/18/1994. 14#15Superior Stability vs S&P 500 REITs: Favorable Occupancy, Dividend Growth, Credit Rating and Total Return PORTFOLIO OCCUPANCY (1) DIVIDEND GROWTH(2) 98.2% 96.6% 94.2% 91.9% Historical Median 0% 10.7% 4.4% (3) 3.1% % of Years w/ Negative Growth Dividend CAGR Lowest Year-End REALTY INCOME AVG. CREDIT RATING (S&P/MOODY'S)(4) A/A2 A-/ A3 BBB+ / Baa1 BBB / Baa2 S&P 500 REIT # OF YEARS WITH TSR < -10% (2) 9 8 7 6 5 4 3 2 1 0 BBB-/Baa3 Source: SNL, Bloomberg (1) Data since 12/31/2000 through 6/30/2023 (where available). Excludes companies without trading histories dating to 10/18/1994 and the S&P 500 non-property REITs. Data for S&P 500 REITS is calculated as median of the group. (2) Data since 1/1/1995 through 12/31/2022. Excludes companies without trading histories dating to 10/18/1994 and the S&P 500 non-property REITs. Data for S&P 500 REITS is calculated as median of the group. (3) As of July 2023 dividend declaration. (4) Current S&P 500 REITs, excluding the S&P 500 non-property REITs. Credit ratings as of 6/30/2023. REALTY INCOME 15#16Superior Stability vs. Peers: Demonstrated Consistent Growth Through 2020 Pandemic 2.1% 0% 2020 EARNINGS PER SHARE Retail Net Lease Peers Growth(1) S&P 500 REIT Peers Retail REIT Peers +3.1% 2020 Dividend Growth -5% -10% -5.2% -6.8% -15% 1 of 8 Retail Net Lease REITS (2) 1 of 15 S&P 500 REITS (3) -20% 1 of 7 Retail REITs (4) 1 of 4 Retail Net Lease REITS (2) 1 of 7 S&P 500 REITS (3) 1 of 4 Retail REITs (4) THAT INCREASED DIVIDEND IN 2020 WITH POSITIVE EARNINGS GROWTH IN 2020 Source: SNL, Bloomberg, Company Filings. Data as of 12/31/2020. (1) Measured as median AFFO/sh growth rate for retail net lease peers and median FFO/sh growth rates for S&P 500 and retail REIT peers. (2) Retail net lease peers include retail-focused REITs, such as ADC, EPRT, FCPT, GTY, NNN, SRC, STOR, VER, WPC. (3) Includes 22 S&P 500 constituents, excluding the S&P 500 non-property REITs. (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 16#17Realty Income Exhibited the Lowest Operational and Financial Volatility During Great Recession vs. A-Rated S&P 500 REITS (1) 2007 2009 relative volatility rankings RANK - RENTAL REVENUE(2) GROSS MARGIN(2) EBITDA (2) EBITDA MARGIN(2) DEBT/ EBITDA (3) UNSECURED/ TOTAL DEBT(3) OCCUPANCY RATE(2) REALTY INCOME 1 0.3% 0.3% 0.4% 0.6% 0.1x 0.0% 0.1% 2 0.6% 0.5% 3.2% 1.1% 0.3x 0.0% 0.2% 3 2.1% 1.1% 3.8% 1.3% 0.3x 1.2% 0.2% 4 3.1% 1.4% 3.9% 2.0% 0.7x 1.5% 0.3% 5 3.7% 1.7% 4.3% 2.1% 1.5x 2.0% 0.5% 6 4.0% 2.1% 5.7% 2.2% 2.2x 2.8% 0.7% 7 4.2% 6.1% 9.7% 7.4% 2.6x 4.0% 3.4% 8 00 9.7% 9.4% 31.9% 20.3% 3.3x 4.9% N/A(4) Source: SNL as sourced from company filings. Metrics include non-GAAP measures that could be calculated differently from how Realty Income calculates such metrics or how each company calculates as of today. (1) Represents REITS with A3/A- credit ratings or better by Moody's and S&P as of 6/30/23. (2) Downside Volatility calculated as the standard deviation around zero of quarterly percentage changes in each metric shown, where positive changes are replaced with zero. (3) Upside Volatility calculated as the standard deviation around zero of quarterly percentage changes, where negative changes are replaced with zero. (4) Company did not report consolidated quarterly portfolio occupancy during 2007-2009. MORE VOLATILE LESS VOLATILE Realty Income S&P 500 REITS that currently have at least two A-/A3 credit ratings or better 17#18High-Quality Real Estate Portfolio Diversified exposure to cash flows guaranteed by best-in- class, blue-chip operators F ELEVEN 140 18#19Diversified High-Quality Portfolio INDUSTRY DIVERSIFICATION % of Annualized Contractual Rent (1) REALTY INCOME CLIENT DIVERSIFICATION. TOP 20 CLIENTS % of Annualized Contractual Rent (1) - DOLLAR GENERAL 3.8% BJ's 1.6% Convenience stores Grocery stores Dollar stores Home improvement Drug stores 11.1% 9.9% 7.1% 5.9% 5.8% Walgreens 3.8% LIFETIME 1.5% FITNESS Restaurants - quick service Restaurants - casual dining Health and fitness Automotive service 5.5% 4.8% 4.2% 4.0% General merchandise 3.7% DOLLAR TREE 3.3% ♥CVS pharmacy' 1.5% FAMILYDOLLAR Walmart 7-ELEVEN. 3.2% 1.5% Sam's Club eG Group 2.7% TSC TRACTOR 1.4% SUPPLY CO RESORTS 2.7% TESCO 1.3% PROPERTY TYPE DIVERSIFICATION FedEx. 2.3% amc 1.3% THEATRES 1.7% Other B&Q 1.9% 1.2% RED ER 2.7% Gaming Sainsbury's 1.9% REGAL 1.1% 13.1% Industrial 1.8% LOWE'S 1.1% LA FITNESS. GEOGRAPHIC DIVERSIFICATION % of Annualized Contractual Rent(1) % of Annualized Contractual Rent (1) U.K. 10.5% TEXAS 10.1% CALIFORNIA 5.6% FLORIDA 5.3% 82.5% Retail ILLINIOS MASSACHUSETTS 5.1% 4.8% OHIO 4.1% 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). (1) Annualized Contractual Rent is the monthly aggregate cash amount charged to clients, inclusive of monthly base rent receivables, as of the balance sheet date, multiplied by 12, excluding percentage rent. We believe total portfolio annualized contractual rent is a useful supplemental operating measure, 19 as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Total portfolio annualized contractual rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. Total portfolio annualized contractual rent excludes unconsolidated entities.#20Top 20 Clients Insulated from Changing Consumer Behavior eG Group All top 20 clients fall into at least one category: ■ Non-Discretionary ☐ Low Price Point Service Oriented Non-Retail Note: Walmart represented by both Neighborhood Markets and Sam's Club. Service Oriented Non-Discretionary TSC LIFETIME FITNESS LOWE'S B&Q LA FITNESS. 7-ELEVEN. RED LOBSTER FRESH FISH LIVE LOBSTER amc THEATRES TRACTOR SUPPLY CO Sainsbury's Walgreens CVS pharmacy TESCO Walmart Neighborhood Market DOLLAR GENERAL DOLLAR TREE REGAL FAMILY DOLLAR BJ's Sam's Club Low Price Point REALTY RESORTS FedEx INCOME Non-Retail 20 20#21REALTY INCOME Diligent Underwriting Process Has Resulted 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 REALTY INCOME 130 of 176 U.S. retailer bankruptcies since 2018 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 clients are large, national operators with strong access to capital that paid essentially all rent due through the duration of the pandemic. Limited exposure to the industry, primarily with clients selling low price point goods. SINCE 2018 40 Apparel 33 Casual Dining 17 Specialty Retailer 16 Home and Furniture Limited exposure to the industry and bankruptcies. 12 QSR 11 Grocery 9863 24 21 Entertainment General Merchandise Health and Fitness Sporting Goods Other Retail Exposure primarily to large, national chain with significant scale. Immaterial exposure to bankruptcies in this industry. Top two US grocery clients (Kroger and Walmart) control >30% 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. Immaterial exposure to entertainment clients outside of the movie theaters. Exposure to clients selling non-discretionary and/or low price point goods. 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. Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively addressing its investment in this industry since 2016. No exposure to retailers that filed bankruptcy. 21 22#22REALTY Historically Stable Cash Flows Supported by High-Quality Real Estate Portfolio Industry-Leading Occupancy (1) Levels, Consistent During Various Economic Cycles CONSISTENCY BY DESIGN: Careful underwriting at acquisition Long initial lease term Strong underlying real estate quality Strategy of owning "mission critical" locations Diversified client industries with strong fundamentals ✓ Prudent disposition activity 98.2% 98.5% 98.7% 99.0% 99.0% 97.7% 97.7% 98.1% 97.9% 97.9% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 98.5% 97.9% 98.2% 97.0% 96.8% 96.7% 97.2% 96.6% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 (2) Median of S&P 500 REITS 2011 2012 2013 ........O Historical Median 2014 2015 2016 2017 -----S&P 500 REIT Historical Median 2018 2019 2020 2021 2022 Q2 2023 (1) Occupancy calculated by number of properties. (2) Based on publicly available information as of 6/30/23. Excludes the S&P 500 non-property REITs. INCOME 94.2% 22#23Proven Track Record of Value-Add Asset and Portfolio Management REALTY INCOME Lease Expiration Schedule (1) Provides Visibility into Future Cash Flows Weighted average lease term of 9.6 years 3.6% 5.5% 7.7% 8.8% 5.2% 7.2% 5.0% 6.9% 1.1% 49.0% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032-2143 Rents at or below market at acquisition result in above 100% recapture ratios at expiration. Re-leased over 4,400 properties at 102.0% recapture rate since 1996. One of the few net lease companies that report re-leasing results. (1) Lease expiration schedule represents percentage of total portfolio annualized contractual rent. MAXIMIZING REAL ESTATE VALUE: Strategic management of rollovers Proactively addressing portfolio "watch list" Resolved over 5,300 lease expirations since 1996 Accretive Re-Leasing Activity is a Result of Prudent Underwriting 104.5% 105.5% 103.3% 100.9% 102.6% 103.4% 105.9% 102.7% 100.0% 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 23#24Strong Balance Sheet Our conservative capital structure supports superior financial flexibility. STOP MARIANO'S 24#25REALTY INCOME Strong Balance Sheet - One of Only Eight S&P 500 REITs with Two A3/A- Ratings or Better ■Commercial Paper (1) ■GBP Denominated Notes $4,033 STAGGERED DEBT MATURITY PROFILE in millions ■Term Loan ■Revolver (2) ■Mortgages (3) Unsecured Notes $1,841 $1,094 $2,048 $2,051 $1,287 $1,101 $950 $1,888 $3,109 $137 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+ FAVORABLE CREDIT RATINGS Long-Term Unsecured Debt Rating MOODY'S A3/Stable S&P Global A- / Stable (1) Commercial paper borrowings outstanding at 6/30/2023 were $122.7 million and matured in July 2023. (2) As of 6/30/2023, there was a carrying balance of $867.5 million outstanding under our revolving credit facility. (3) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £30.5 million converted at the applicable exchange rate on 6/30/2023. Low Leverage / High Coverage Ratios 5.3x Net Debt to Annualized Pro Forma Adj. EBITDAre(4) KEY CREDIT METRICS Conservative Long-Term Debt Profile 4.6x 92% Fixed Charge Coverage Ratio 32% Debt to Total Market Cap 96% Unsecured Fixed Rate 6.7 yrs W.A. term to maturity for notes & bonds (4) Net Debt/Annualized Pro Forma Adjusted EBITDAre is a ratio used by management as a measure of leverage. It is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our proportionate share on debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and remove Adjusted EBITDAre from properties we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. 25 25#26REALTY INCOME Significant Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility $3,513 Liquidity(1) $14 Debt Obligations through 2023(3) Note: Values shown in millions. As of 6/30/2023. Revolver Availability, $3,260 (Net of $123 million borrowings under $1.5 billion commercial paper programs)(2) Cash & Equivalents, $254 Sources Excess Liquidity, $3,499 Mortgages Payable, $14 Uses Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts. (1) Liquidity excludes $651 million of unsettled forward equity and USD equivalent of July 2023 issuance of €1.1 billion of unsecured notes. (2) We have a $1.5 billion U.S. Dollar-denominated commercial paper program and a $1.5 billion Euro-denominated commercial paper program. We use our $4.25 billion 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. (3) Excluding revolver and commercial paper maturities. 26#27Leveraging Size and Scale to Drive Profitable Growth The net lease opportunity set is broad and diverse. HE HOME DEPOT 1200 ENTER Exit Exit 10% Custom 27#28Size and Scale as a Competitive Advantage Inherent advantages of size and scale drive... 1 OPTIMIZED PORTFOLIO PROFITABILITY Leverage our 54+ 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 28#29REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase AFFO/SH GROWTH: HISTORICAL 5% MEDIAN(3) • Stronger historical growth rate vs. REITS (4.2%) (1) Positive earnings growth in 26 of 27 years Modest annual downside volatility of 2.7% (2) CAGR 5% SINCE 1995 20% 15% 10% 5% ANNUAL AFFO/sh(3) Growth سلسل: 0% 17.0%(4) Large portfolio transactions create upside "lumpiness"... 9.2% (4) 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 2022 6% 5.1% 5% 4% 3% 2% 1% 0% ...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% 5.1% 5.3% 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 2022 . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size $45,000 • In 2012, portfolio GREAV was < $6B and earnings CAGR was 4.5% $30,000 . Earnings growth has accelerated as portfolio real estate value crossed $10B: $15,000 GROSS RE BOOK VALUE Cost at year end(5) $42,657 • 6.6% AFFO/sh CAGR since 2012 $565 $0 r 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 2022 (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 positive 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) $3.2 billion ARCT acquisition was completed in January 2013. Merger transaction with VEREIT was completed in November 2021. (5) Gross real estate book value reflects historical year end real estate held for investment, at cost (in millions). 29#30Leveraging Advanced Analytics to Enhance Decision-Making Through predictive analytics, Realty Income's unique dataset of owned property information spanning 50+ years is employed to enhance investment underwriting and generate insights that power lease renewal discussions Low Risk Store Medium Risk Store Three locations under one retail banner with similar sales productivity may hold diverging long-term value creation expectations Realty Income has managed over 5,300 lease expirations since 1996 and owns approximately 13,100 properties. Our predictive analytics tool combines this history of known outcomes that are correlated with thousands of attributes, enhancing strategic operational decisions High Risk Store REALTY INCOME Combined with experienced, best-in- class underwriting, this analytics tool can overlay expectations around long-term market rent growth, future residual value, vacancy risk, and alternative use potential 30#31Global Net Lease Investable Universe is Immense Quantum of opportunity and low market saturation affords ample runway for growth AGGREGATE NET LEASE Market EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition PUBLIC NET LEASE Peers REALTY INCOME EUROPE Combined enterprise value of public net lease REITS of $4 billion(1) ~$8 T FUR >$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $150 billion(2) EUROPE ~$4 B(1) Public net lease REITs account for 1% of total European net lease addressable market 12 peers US 2 peers UNITED STATES -$150 B(2) Public net lease REITS account for >4% of total US net lease addressable market (1) Includes LXI and SUPR. To achieve similar market saturation, Realty Income's enterprise value in Europe would approximate ~$100B, or ~13X the current portfolio size (2) Includes the following "traditional" net lease peers: ADC, BNL, EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, and WPC ("the traditional" net lease peers). 31#32Filling the Void as a Premier Sale-Leaseback Financing Partner THE OPPORTUNITY Aggregate Corporate-Owned Real Estate (1) REALTY INCOME MOMENTUM Realty Income is Well-Positioned to Continue to Execute on Large-Scale Sale-Leaseback Transactions Source: Bloomberg S&P 500Ⓡ ~$1.6 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 (1) Represents real estate owned by publicly traded companies in the S&P 500 and Russell 3000 Index, respectively, as of 6/30/2023. Calculated as the sum of gross book values of land, buildings, improvements and construction-in-progress. Excludes energy, materials, industrials, financials and real estate industries. (2) Excludes the VEREIT Transaction, which closed November 2021. AGGREGATE ACQUISITIONS VOLUME(2) 2015 YTD 2023 - $33 B TOTAL ACQUISITIONS VOLUME 42% I I of total acquisitions i volume since ! 2015 I $14 B I I SLB VOLUME 32#33Efficiency 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(1) > 10 Years - - 10 Years Client > 98% Low Low None SHOPPING CENTERS AND MALLS(2) < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low REALTY INCOME Reliance on Anchor Tenant(s) BEL Average Retail Property Size/ Fungibility 13k sf/ High AMPLE EXTERNAL GROWTH OPPORTUNITIES REALTY INCOME(1) SHOPPING CENTERS AND MALLS(2) Target Markets ts HIRINGK External Acquisition Opportunities Institutional Buyer Competition Many Few High Low Modest High (1) Reflects average features of Realty Income's investments and real estate portfolio as of 6/30/2023. (2) Reflects typical features of investments and real estate portfolios of shopping center and mall REITs. This information is for illustrative purposes only, and does not reflect the characteristics of all shopping centers and malls, which may vary significantly in one or more of these characteristics. External acquisitions drive 33 -2/3 of total earnings growth#34Prudent Capital Allocation Building a high-quality real estate portfolio through prudent, top-down, data-driven investment process. STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE 34#35Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 13,100 Properties $31.2 BILLION YTD 2023 SOURCED OPPORTUNITIES REALTY INCOME RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION SELECTIVITY: ~ 15% Strategic Objectives: Identify "Mega Trends" • Research Geographies, Industries and Prospective Clients "Big Data" Analysis of New and Existing Industries • Construct Optimal Portfolio Considerations Include: • Market & Location Surrounding Demographics • Traffic Counts, Access & Signage · • Rent Relative to Market Price vs Replacement Cost Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis Key Insights: • • • 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 $4.8 BILLION YTD 2023 ACQUISITIONS VOLUME 35#36REALTY INCOME Realty Income's External Growth Opportunities are Broad and Diverse SOURCED VOLUME in $ billions International opportunities added >31% to Realty Income's combined sourcing volume since 2019 International Expansion Has Accelerated Sourcing Volume Over the Last 3 Years... Which Resulted in continued Selectivity $95 INTERNATIONAL UNITED STATES $85 $64 $57 $39 $32 $24 $28 $30 $32 $13 $17 $6 $31 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 ACQUISITION VOLUME in $ billions $3.7 $2.3 $0.7 $1.0 $1.5(1) $1.4 $1.9 $1.8 $1.5 $1.2 $1.3 $9.0 $6.4 $4.8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 SELECTIVITY percentage of annual sourced volume acquired 12% 9% 8% 8% 7% 7% 7% 6% 6% 5% 4% 4% 4% 2010 2011 15% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 36 (1) Excluding $3.2 billion ARCT transaction.#37Investment Strategy Illustration: 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 REALTY INCOME KEY ASSUMPTIONS & CALCULATION: LONG-TERM WACC LONG-TERM Weighted Average Cost of Capital Drives investment decision- making at the property level . Considers required "growth" component of equity returns Beta vs. S&P 500 (since S&P 500 Index Inclusion on 4/6/15)(1) Long-term 10-year U.S. yield (Fitted Instantaneous Forward Rate)(1) Equity market risk premium (S&P 500 Earnings Yield vs 10Y UST) (1) Long-Term Cost of Equity (CAPM methodology) 0.79 65% Weight: Long-Term Cost of Equity 7.2% 4.1% 35% Weight: Cost of Debt (unsecured, 10Y, fixed) Long-Term WACC 5.5% 6.6% 1.6% KEY ASSUMPTIONS & CALCULATION 5.4% REALIZED INVESTMENT SPREAD Dividend yield 5.0% • Long-term WACC is the hurdle rate Investment Cash Cap rate 6.9% for acquisitions Assumed long-term dividend growth rate 4.0% Realized WACC(2) 5.8% Focus on higher long-term IRR discourages risk-taking Long-Term Cost of Equity (Yield + Growth methodology) Long-Term Cost of Equity (Average of two methodologies) 9.0% Realized investment spread (bps) 112 7.2% SHORT-TERM Nominal 1st-Year Weighted Average Cost of Capital Used to measure initial (year one) earnings accretion Higher stock price (lower cost) supports faster growth KEY ASSUMPTIONS & CALCULATION: NOMINAL 1ST-YEAR WACC 60% Equity: AFFO Yield (1) 6.6% 32% Debt: unsecured, 10-year, fixed 5.5% • Spread on short-term WACC 8% 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 5.7% • Unwilling to sacrifice quality to generate wider spreads LONG-TERM WACC considers growth requirements of equity and supports focus on residual value of acquisitions Note: Realty Income's cost of capital information uses illustrative assumptions only (as of 7/19/2023). Actual results and calculations may vary materially from these illustrative calculations. 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. (1) Source: Bloomberg. (2) Derived from the weighted average cost of long-term debt and equity capital raised and settled in the period, inclusive of free cash flow after dividend payments available to fund investment activity. 37#38Investment Spreads Tend to Persevere Even as Interest Rates Rise REALTY INCOME 12% 10% 8% 6% 4% 2% 0% R²=0.94 RISING INTEREST RATES DO NOT POSE SIGNIFICANT EARNINGS HEADWIND TO THE NET LEASE BUSINESS MODEL It takes 12 months for cap rates to adjust to changing interest rates... Realty Income Acquisition Cap Rate Average 10Y UST Yield (12M Lag) (1) 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 2022 YTD 600 bps 400 bps 200 bps RECESSIONARY ENVIRONMENT PRESENTS ATTRACTIVE ACQUISITIONS OPPORTUNITIES 2023 Measured as acquisition cap rate spread over average 10-year Treasury during a given year indicates recession years 12970 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 2022 YTD 2023 38 (1) Weighted average initial cash lease yield during each year.#39Benefits of Size and Scale Capacity to Buy in Bulk at “Wholesale" Prices While Maintaining Diversification LARGER SIZE PROVIDES GROWTH OPTIONALITY TRANSACTION SIZE & IMPACT TO RENT CONCENTRATION(1) TOTAL ABR $100 $200 $300 $400 $500 $1,000 REALTY INCOME $1.7B Sale-leaseback transaction at ~5.9% cap rate 3.1M Square Feet 30Y SCALE AND SIZE BENEFITS ILLUSTRATED Encore Boston Harbor Transaction (Dec 2022) The Encore Boston Harbor is a LEED Platinum certified, premium super-regional resort and casino providing five-star dining, gaming, shopping and entertainment • The property is uniquely positioned as the only integrated resort and casino located in the Boston metropolitan area Additionally, Encore holds one of only three Class I gaming licenses available in Massachusetts 5.6 million gaming age residents live within a 90-minute drive of the property $200 3% 7% 10% 12% 15% 26% $400 2% 3% 5% 7% 8% 15% $600 1% 2% 3% 4% 6% 10% $800 1% 2% 3% 3% 4% 8% Peers with smaller denominators lack ability to buy in bulk without incurring material diversification risk Lease Term $1,000 1% 1% 2% 3% 3% 7% $2,000 <1% <1% 1% 1% 2% 3% <3.0% Realty Income's Annual $3,000 <1% <1% <1% <1% 1% 2% Revenue $3,800 <1% <1% <1% <1% <1% <2% Significant scale allows Realty Income to pursue large sale-leaseback transactions without compromising prudent client and industry diversification metrics (1) Assumes 7.0% initial cash lease yield | in millions. Rent Increase Terms Annual 1.75% increase Years 1 - 10 Years 11-30 Greater of 1.75% or CPI* *CPI increase capped at 2.50% Encore#40Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows As of 6/30/2023 G&A AS % OF NET LEASE PEER MEDIAN(2) S&P 500 REIT PEER MEDIAN(3) 6.4% REALTY INCOME Portfolio growth resulted in improved operating margins, which compare favorably vs. industry peers G&A as % rental revenue(1) 3.9% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 ADJUSTED EBITDA MARGIN 95.2% TOTAL REVENUE 3.9% 8.0% 8.9% 91.8% ADJUSTED EBITDA 95.2% 89.9% 87.2% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 MARGIN LTM G&A AS % G&A as % OF RE BOOK 31 bps 74 bps 65 bps RE book value (bps)(1) VALUE 67 bps Source: Bloomberg (1) 2018 G&A excludes $18.7 million severance to former CEO paid in 4018 | 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. Represents the "traditional" net lease peers. (3) Based on trailing twelve months. Note: Metrics include non-GAAP measures that could be calculated differently by each company from how Realty Income calculates such metrics. 31 bps 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 40#41Consistent Curation of Growth Verticals • • • Size, scale, access to capital allows for significant opportunity to grow earnings through multiple channels Recently incubated real estate verticals include: Consumer-centric medical Italy Gaming (1) PHOTO CENTER LIQUOR RXDRIVE THRU CVS pharmacy Sun (1) See Wynn Encore Boston Harbor case study in prior section 24 pharmac HOURS GVE Pharmacy 1030 R DRIVE THRU LIQU mera 41#42Defining "Consumer-Centric Medical Real Estate" ~10% of existing portfolio is human and animal health INDUSTRY CLASSIFICATION The "Consumer-Centric" Medical Real Estate includes industries categorized as: ✓ Drug Stores Dialysis Infusion Eye Care ✔ Dental Care Pediatric Care Pet Supplies & Services 1.7% Other 2.7% Gaming 13.1% Industrial PROPERTY TYPE DIVERSIFICATION REALTY INCOME 82.5% Retail 10% of existing "retail" portfolio is Consumer-Centric Medical 42 42#43Demographic Trends Supporting Consumer-Centric Medical Real Estate Aging demographics support increased healthcare spending Total US Population (1) 0.7% CAGR millions millions 65+ US Population(1) 2.7% 355 CAGR 73 85+ US Population(1) millions 3.1% CAGR REALTY INCOME 6 333 56 2020 2030 2020 (1) United States Census Bureau. 2030 PERSONAL HEALTHCARE PER CAPITA SPEND BY AGE COHORT(2) in thousands 7 2020 2030 $13.0 $10.2 $4.7 $6.3 $6.7 $2.4 $3.5 0-18 19-34 35-44 US Average 45-54 55-64 65+ (2) Peterson-KFF Health System Tracker. Personal health care expenditures are the largest share of total national health expenditures and include outlays for goods and services relating directly to patient care, such as hospital care, physicians' and dentists' services, prescription drugs, eyeglasses, and nursing home care. 43#44Delivery of Care is Increasingly Moving Towards Outpatient Visits REALTY INCOME US HOSPITAL ADMISSIONS vs. OUTPATIENT VISITS Healthcare delivery is shifting toward an outpatient model in the United States % Change vs. 2002 (1) 40% 35% 30% Inpatient - - Outpatient 39% 25% 20% Cumulative growth in Outpatient visits compared to US hospital admissions since 2002 15% 10% 5% 0% ANNUAL REVENUE GROWTH BY SITE OF CARE -5% 2002 04 06 08 10 10 12 22 2019 2022(1) -3% 8% Consumer-Centric Medical SNF LTAC Hospital MD Office ASC 2022 Outpatient Retail BH Clinics revenue $B: 120 9 1,212 543 37 31 1 (1) McKinsey & Co. (2) Center for Medicare and Medicaid Services. 7.2% Expected annual growth in Medicare spending from 2021-2030(2) 14 16 2018 44#45Significant Addressable Market Depth of product and industry demand tailwinds expected to provide material runway for investment REALTY INCOME Consumer Centric Medical Real Estate Healthcare Real Estate The U.S. leads the developed world in national healthcare expenditures Per capita spending of $13k per year is double the OECD average(1) However, quality of outcomes are below average E.g. US diabetes hospital admits are 52% above OECD average Care delivery is shifting to an outpatient, primary care model Patients win: Lowered hospitalizations and higher NPS Providers win: improved job satisfaction; quality-driven compensation is more attractive than hospital profit model Payers win: Significant cost savings potential for payers through capitation arrangements Investment Criteria Free Standing Net Lease Unit size Operators with scale & differentiation (1) Total national health expenditure, US $ per capita, per Peterson-KFF. (2) Size of consumer-centric medical real estate industry is estimated at $1.8 trillion in 2022 and expected to grow to greater than $2 trillion by 2027 per McKinsey & Co. >$2 Trillion Consumer-centric and allied real estate subsectors (2) 45 45#46Clear Fit with Realty Income's Capital Allocation Philosophy Real estate and industry characteristics are well-aligned with Realty Income's investment criteria Investment Alignment REALTY INCOME Typical unit size range aligns with our footprint Fungible real estate located in major population centers High degree of overlap on location characteristics Non-discretionary consumer demand supports consistency of cash flow through economic cycles ~90% We estimated a 90% similarity between our portfolio and a data set of selected consumer- centric medical assets in a study including >30k variables 46#47Recent Investment Illustrates the Opportunity Acquisition of $520 million Dental Portfolio in 2022 Captive density (average 5-mile population greater than 100k) in high growth markets supports EBITDAR Loxahatchee DENTAL CARE Client ☐ Leading Dental Support Organization REALTY INCOME Largest scale operator in its markets Investment Thesis 224 property portfolio across the Southeast, Northeast and Midwest ~9-year WALT with superior CFC Relationship-driven transaction with a key player in market consolidation Realty Income's ability to offer certainty of execution and seamlessly assume management of a 200+ property portfolio was a competitive advantage in bidding process. Economics Robust spread to cost of capital at time of acquisition 47#48Italy: Investment in Metro Wholesale Club Portfolio Demonstrates Prudent International Expansion REALTY INCOME Attractive portfolio in third international market. In 2022, Realty Income purchased a portfolio of seven wholesale clubs operated by Metro Group for €166.6 million, located across Italy in major cities like Rome and Florence. Metro began operations at these locations between 1972 and 2005, indicating Metro's durable long-term tenancy and successful operations. • Strong and resilient operator. Metro Group (ETR: B4B) is an international leader in the wholesale club format that operates nearly 700 stores across Europe and in 34 countries globally. Metro commands a 26% market share in the Italian wholesale club industry and is investment grade rated. During the COVID-19 pandemic sales dropped only ~5%. Benefits of size and scale. At the time of acquisition Metro represented < 4.0% of rent from the international portfolio and <0.5% of Realty Income's overall portfolio. Additional avenue for growth. Italy is the third largest country in the European Union, and Realty Income sees additional opportunities to expand there in alignment with our investment criteria. Metro Wholesale Club METRO METRO METR 47 ㅁ 48#49Growing International Portfolio Sale-leaseback transaction with Sainsbury's in May 2019 was a foundation for a growth platform in Europe Expre Sainsbury's 182 Argos Home Sainsbu 49 Fer Gesh with#50European Portfolio Snapshot REALTY INCOME 303 38 ~28.3mm REALTY INCOME HAS CONTINUED TO GROW ITS EUROPEAN PRESENCE WITH INVESTMENTS OF ~$7.6 BILLION THROUGH JUNE 30, 2023 ~$452mm 11.9% properties industries leasable square feet annualized contractual rent ~9 years wtd. avg. remaining lease term of total portfolio annualized contractual rent 549 REALTY INCOME'S QUARTERLY INVESTMENT VOLUMES IN EUROPE (1) (in $ millions) ~$7.6 billion invested in real estate in the U.K., Spain, Italy and Ireland since international expansion in May 2019 221 230 166 58 28 2019 3Q19 4Q19 1Q20 467 403 592 532 1,041 796 694 613 388 394 416 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 (1) Includes both international acquisitions and international developmental properties. 50#51European Portfolio Snapshot (cont'd) CLIENT DIVERSIFICATION - TOP EUROPEAN CLIENTS(1) % of European Annualized Contractual Rent B&Q 15.8% Sainsbury's 15.5% TESCO 10.7% Ꮳ 5.8% Carrefour ÁSDA 4.3% Other (1) Based on percentages of total European portfolio annualized contractual rent as of 6/30/2023. (2) Based on market share. Source: Kantar World Panel Great Britain as of 7/9/2023. (3) Source: Kantar World Panel Spain as of 6/18/2023. (4) Source: Retail Economics UK and IBIS World 2021. EUROPEAN PORTFOLIO BY INDUSTRY (1) % of European Annualized Contractual Rent Other, 28.6% General Merchandise, 5.0% KEY HIGHLIGHTS REALTY INCOME Grocery, 45.4% Home Improvement, 21.0% 47.9% Diversified portfolio leased to clients operating in non-discretionary industries Tesco and Sainsbury's are the top grocers in the U.K. (2), and Carrefour is the 2nd largest grocer in Spain (3) B&Q (Kingfisher) is the largest home improvement retailer in the U.K. and is number two in France (4) 51#52ESG 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 Panera BREAD DRIVE THRU 52 2 STOP#53REALTY 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 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 36% OF OUR BOARD IDENTIFIES AS FEMALE 55% OF OUR BOARD IS FROM UNDERREPRESENTED COMMUNITIES 91% INDEPENDENT All our directors other than our CEO are independent. DIRECTOR TENURE Investors Clients Team Community 3 Note: for additional information, refer to our Sustainability Report which can be found at: https://esg.realtyincome.com/ 3 5 >6 years 3-6 years <3 years 83 53#54Social Responsibility Panera BREAD DRIVE THRU Social REALTY INCOME 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 One Team values of Do the right thing, Take ownership, Empower each other, Celebrate differences, and Give more than we take. 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 54#55REALTY INCOME Environmental 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 corporate offices and within our communities. We work with our clients to promote environmental responsibility at the properties we own. Increasing investments in green certified buildings. Demonstrating our commitment through the issuance of our inaugural Green Bond. Innovating solutions for reporting Scope 3 emissions across a net lease real estate portfolio. Expanding and incorporating a greater volume of “Green Lease Clauses" (as of 2023). ISS‣ GRES B Engaging with our clients to understand ESG priorities and share data. Scaling collaborative client engagement projects. Working with strategic partners to grow sustainable portfolio initiatives. Providing ESG resources and tools for internal teams to carry out key initiatives. Assessing and adapting to ESG regulatory environments and climate risks across portfolio. MSCI S&P Global Ratings SUSTAINALYTICS 55#56Appendix 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 56#57UK 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. 67.6M Current Population(1) 80.0 60.0 40.0 UK POPULATION AND PROJECTIONS (1) Population Projected Population 58.0 1992 2002 (in millions) 2012 67.6 M 2022 2022 RETAIL SQUARE FOOTAGE PER CAPITA (2) Spain 4 UK 5 US REALTY INCOME The UK, by land area, 70.6 is approximately the size of Oregon. ~94,000 Square Miles(3) 2032 2042 24 Source: (1) UK Office for National Statistics. (2) ICSC for the US data; Springboard for European data. (3) World Bank. (4) 2022 GDP. Source: Office for National Statistics for the UK data and Bureau of Economic Analysis for the US data. 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. $3.1 Trillion GDP(4) 57#58Convenience Stores (11.1% 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 f f £ Q Q f f f Q Q Q Q £ £ £ £ 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: 19 Consecutive Years of Positive Same-Store Sales Growth (5) Great Recession (2007-2009) ■COVID Pandemic (2020) RA 8% 960 ~9% Margin 30%+ Margin 6% 5.3% 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. 3.1% 2.8% 2.9% 0.6% 1.5% 0.4% 1.0% 5.8% 7.4% 4.5% 2.4% 1.9% 2.1% 1.6% 0.9% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 58#59Grocery (9.9% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 23% Walmart Neighborhood Market Realty Income's top two U.S. grocery clients control 32% of U.S. grocery market share 9% 5% 4% 3% 3% Kroger COSTCO WHOLESALE Source: (1) Wells Fargo Securities Research,2022. (2) Kantar World Panel for 12 weeks ending 7/9/2023. Food-at-Home as a % of Total Food Expenditure(3) REALTY INCOME U.K. Grocery Market Share(2) E-COMMERCE RESISTANT INDUSTRY 53% 64% Realty Income's top two U.K. grocery clients control ~43% of U.K. grocery Ahold Delhaize DOLLAR GENERAL DOLLAR TREE amazon Other market share 20% 8% 4% ■Big 4 Discounters ■Convenience ■ Premium ■"Pure play" online 3% TESCO Sainsbury's ASDA ALDI SPAR Waitrose ල Iceland.co.uk ocado amazon Morrisons 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 59#60Dollar Stores (7.1% of ABR) Growing industry: 89% of all shoppers across geographies, income levels, and demographics shop at discount retailers. $120 $100 +6% $80 $60 $40 $20 US Discount Store Market Size (in billions)(1) +5% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024E Source: (1) National Retail Federation. (2) Company Filings. Rece DOLLAR GENERAL REALTY INCOME Dollar General & Dollar Tree: Same-Store Sales Growth (2) Counter-cyclical protection due to a trade down effect and e-commerce resiliency. Great Recession (2007-2009) 16.3% Covid Pandemic (2020) DOLLAR GENERAL 9.5% DOLLAR TREE 7.3% 5.7% 7.2% 4.6% 2.0% 0.1% -0.8% 0.9% 2000 2003 4.9% 2.4% 0.9% 1.8% 1.0% 1.7% 2006 2009 2012 2015 2018 2021 -2.8% 5.9% 6.1% 4.3% 3.9% 4.3% 3.2% DOLLAR TREE 60#61Drug Stores (5.8% 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(2). Walgreens plans to open 1,000 full-service doctor's offices by the end of 2027 (2). CVS currently operates over 1,000 Health HUB locations (1) 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% Combined retail prescription market share of Walgreens and CVS (3). 9.7% 9.3% REALTY INCOME Walgreens: 40 of 41 Quarters of Positive Same-Store Pharmacy Sales Growth (4). 9.8% 8.9% 8.4% 7.4% 7.3% 7.2% 6.0% 6.0% 5.8% 6.8% 5.0% 5.8% 5.6% 4.8% 4.9% 3.5% 4.5% 3.7% 2.0% 2.8% 3.0% 3.2% 2.5% 2.0% 2.0% 0.0% 3013 3Q14 3Q15 3016 3017 3018 3019 3020 3Q21 3022 3Q23 1.9% 61#62REALTY INCOME Quick-Service Restaurants (5.5% of ABR) RESILIENT BUSINESS MODEL: QSRs are less dependent on "dine-in" traffic as their revenue model is based on an "off-premise" and drive-thru (historically 65%+ of sales) offerings. KFC 4% ORIGINAL RECIPE 8444 MEAL MADE HARD WAY CHICKEN WAFFLES HOT WINGS ARE BACK NOW HIRING STRONG VALUE PROPOSITION: In a recessionary environment, consumers tend to be more value-centric and QSR operators benefit from a “trade down" effect from casual dining consumers. FUNGIBILITY OF REAL ESTATE: Positive re-leasing results on QSR assets due to convenience of real estate location and modest space footprint. INDUSTRY SAME-STORE SALES TRENDS: STRONG RECOVERY TO ABOVE PRE-PANDEMIC LEVELS Growth Over the Same Month Year-on-Year(1) 19% 9% 10% 7% 7% 6% 5% 5% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 (1) Source: Restaurant Brand International and Yum Brands average same store sales over the period per company filings. 62 62#63Adjusted Funds From Operations (AFFO) (in thousands, except per share and share count data) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net income available to common stockholders Cumulative adjustments to calculate Normalized FFO (2) Normalized FFO available to common stockholders $ 195,415 $ 492,911 223,207 388,337 $ 420,431 $ 422,576 953,493 796,903 688,326 611,544 1,373,924 1,219,479 Gain on extinguishment of debt (127) (127) Amortization of share-based compensation Amortization of net debt premiums and deferred financing costs 7,623 (10,509) 6,641 13,923 11,643 (16,948) (24,197) (34,044) Non-cash (gain) loss on interest rate swaps (1,799) 724 (3,600) 1,446 Straight-line impact of cash settlement on interest rate swaps (3) 1,797 3,595 Leasing costs and commissions (5,032) (794) (5,476) (3,167) Recurring capital expenditures Straight-line rent and expenses, net (85) (33,963) (173) (138) (186) (27,554) (70,448) (55,376) Amortization of above and below-market leases, net 19,670 16,402 37,028 30,044 Proportionate share of adjustments for unconsolidated entities (2,090) (4,154) Other adjustments (4) 5,709 (3,897) AFFO available to common stockholders $ 671,737 $ 583,728 $ AFFO allocable to dilutive noncontrolling interests Diluted AFFO 1,382 787 $ 673,119 $ 584,515 $ (2,145) 1,322,466 $ 2,813 1,325,279 $ (1,732) 1,163,826 1,607 1,165,433 AFFO per common share Basic $ 1.00 $ 0.97 $ 1.98 $ 1.95 Diluted $ 1.00 $ Distributions paid to common stockholders $ 515,091 AFFO available to common stockholders in excess of distributions paid to common stockholders $ $ 156,646 $ 0.97 445,829 $ 137,899 $ $ 1.98 $ 1,012,336 $ 310,130 $ 1.94 884,109 279,717 Weighted average number of common shares used for AFFO: Basic Diluted 674,109 676,388 601,672 603,091 667,357 669,903 597,778 599,201 REALTY INCOME (1) See Normalized FFO calculations on page 9 of earnings press release for reconciling items. (2) Includes the amortization of premiums and discounts on notes payable and assumption of our mortgages payable, which are being amortized over the life of the applicable debt, and costs incurred and capitalized upon issuance and exchange of our notes payable, assumption of our mortgages payable and issuance of our term loans, which are also being amortized over the lives of the applicable debt. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included. (3) Represents the straight-line amortization of $72.0 million gain realized upon the termination of $500.0 million in notional interest rate swaps, over the term of the $750.0 million of 5.625% senior unsecured notes due October 2032. (4) Includes foreign currency gain and loss as a result of intercompany debt and remeasurement transactions, mark-to-market adjustments on investments and derivatives that do not qualify for hedge accounting, obligations related to financing lease liabilities, and adjustments allocable to noncontrolling interests 63#64Adjusted EBITDAre (dollars in thousands) REALTY INCOME Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre and Net Debt/Annualized Pro Forma Adjusted EBITDAre are non-GAAP financial measures. Please see the Glossary on page 14 of the earnings press release for our definition and an explanation of how we utilize these metrics Three months ended June 30, Net income Interest Gain on extinguishment of debt Income taxes Depreciation and amortization Provisions for impairment Merger and integration-related costs Gain on sales of real estate Foreign currency and derivative losses (gains), net Gain on settlement of foreign currency forwards 12,932 472,278 29,815 2023 2022 $ 197,153 $ 183,857 223,822 110,121 (127) 14,658 409,437 7,691 341 2,729 (7,824) (40,572) 2,552 (7,480) 2,106 Proportionate share of adjustments from unconsolidated entities (411) 9,049 Quarterly Adjusted EBITDAre $ 890,693 $ 731,434 Annualized Adjusted EBITDAre (1) $ 3,562,772 $ 2,925,736 Annualized Pro Forma Adjustments $ 87,712 $ 55,756 Annualized Pro Forma Adjusted EBITDAre $ 3,650,484 $ 2,981,492 Total debt per the consolidated balance sheet, excluding deferred financing costs and net premiums and discounts 19,538,466 $ 15,738,383 Proportionate share for unconsolidated entities debt, excluding deferred financing costs Less: Cash and cash equivalents 86,006 Net Debt (2) Net Debt/Annualized Adjusted EBITDAre $ (253,693) 19,284,773 $ (172,849) 15,651,540 Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4x 5.3x 5.3x 5.2x (1) We calculate Annualized Adjusted EBITDAre by multiplying the Quarterly Adjusted EBITDAre by four. (2) Net Debt is total debt per our consolidated balance sheets, excluding deferred financing costs and net premiums and discounts, but including our proportionate share on debt from unconsolidated entities, less cash and cash equivalents. Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and remove Adjusted EBITDAre from properties we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. Annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes. 64