#1⚫ Investor Presentation CALCULATED CONSOLIDATION December 2022 REALTY INCOME The Monthly Dividend Company® SainsburyS Walmart Neighborhood Market STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE Argos#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,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements also include discussions of our business and portfolio including business model, future operations and results, strategy, plans, intentions of management, capital raising, settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program, dividends, guidance, interest rates, client bankruptcies and exposure, volatility, competitive advantages, growth opportunities, financing partnerships, sale leasebacks, and ESG initiatives. 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 real estate investment trust; general domestic and foreign business and economic conditions; competition; fluctuating interest and currency rates; access to debt and equity capital markets; 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, 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 income tax laws and rates; the continued evolution of the COVID-19 pandemic and the measures taken to limit its spread, and its impacts on us, our business, our clients (including those in the theater industry), or the economy generally; the timing and pace of reopening efforts at the local, state and national level in response to the COVID-19 pandemic and developments, such as the unexpected surges in COVID- 19 cases, that cause a delay in or postponement of reopenings; 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. Those forward-looking statements are not guarantees of future plans and performance and speak only as of the date that this press release. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. Realty Income does not 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. 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. 2 All data as of September 30, 2022 unless noted otherwise.#3Who We Are To build enduring relationships and brighter financial futures. REALTY INCOME PURPOSE KFC KFC HOT 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 Do the right thing Take ownership Empower each other Celebrate differences • Give more than we take VALUES (1) As measured by equity market capitalization of MSCI US REIT Index (RMZ) Constituents. ELEVEN CVS Sarmacy GVE Pharmacy VISION Continue to be a top 5 U.S. REIT(1), creating long-term value for stakeholders across the world 3#4Realty Income: Seeking Continued Long-Term Profitable Growth REALTY INCOME WHERE WE ARE: • S&P 500 company ● the One of 64 companies in the elite S&P 500 Top 10 global Aristocrats PHOTO CENTER LIQUOR ● REIT(1) Index 14.4% compound annual total shareholder return since public listing in 1994 4.4% compound annual dividend growth rate since 1994 and 117 dividend increases 1030 WHERE WE ARE LOOKING TO GO: Continue to be a top 5 global REIT(1) • Continue to consolidate the ~$12 trillion global net lease addressable market(2) ● Continue to average double-digit total shareholder return in the future with minimal volatility RXDRIVE THRU • To continue treating the dividend as sacrosanct to our mission (1) As measured by equity market capitalization of FTSE EPRA Nareit Global REITs Total Return Index Constituents. (2) Refer to page 18 for the definition and calculation methodology. 4#5Key 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. 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 11,700 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. tive a ational 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 and have set ambitious but attainable goals for environmental stewardship and social responsibility. 5#6Table of Contents REALTY INCOME OVERVIEW AND INVESTMENT THESIS PERFORMANCE TRACK RECORD LEVERAGING SIZE AND SCALE TO DRIVE PROFITABLE GROWTH PRUDENT CAPITAL ALLOCATION FRAMEWORK • STRONG BALANCE SHEET DIVERSIFIED HIGH-QUALITY REAL ESTATE PORTFOLIO GROWING INTERNATIONAL PORTFOLIO ESG OVERVIEW APPENDIX REALTY INCOME 7 10 16 25 34 37 45 48 52 6#7Investment Thesis PROVEN TRACK RECORD OF RETURNS... 14.4% 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 25 of 26 Years of Positive Earnings Per Share(2) Growth 5.1% Median AFFO Per Share Growth Since 1996 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 $84 Billion Sourced Acquisition Opportunities in 2021 (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. Note: The area chart reflects Realty Income's total shareholder return since 10/18/1994 through 9/30/2022. 7#8Realty Income is the Global Leader in a Fragmented Net Lease Sector REALTY INCOME ~$53B enterprise value 53+ years of SIZE, SCALE AND QUALITY ~$3.1B annualized base rent 11,733 A3/A- credit ratings by Moody's & S&P ~43% operating history commercial real estate properties of rent from investment grade clients(1) GROWING INTERNATIONAL PRESENCE 4th largest global REIT(2) $6.5B European Portfolio 236 assets ~10 years remaining lease term 35+ industries (2) As measured by equity market capitalization of FTSE EPRA Nareit Global REITS TR Index Constituents. As of 10/27/2022. DIVERSIFIED REAL ESTATE PORTFOLIO 1,147 STRONG DIVIDEND TRACK RECORD(3) $2.976 27 Consecutive Years of Rising Dividends Other clients 8% ~92% 628 monthly dividends declared 79 industries 50 U.S. states, Puerto Rico, Spain and the U.K. Non-retail *14% 100 consecutive quarterly increases 78% of total rent is resilient to economic S&P 500 Dividend Aristocrats® index member Non-discretionary, Low Price Point and/or Service-oriented Retail downturns and/or isolated from $0.90 +4.4% CAGR e-commerce pressures 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 8 (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). (3) As of October 2022 dividend declaration.#9REALTY INCOME Rising Short-Term Yields Have Historically Been Correlated with Realty Income Outperformance In 2015, the Fed began raising its benchmark interest rate, which continued through 2018(1) TOTAL RETURNS: YEAR 1 OF FED RATE HIKE CYCLE(2) 13.1% 13.0% 7.7% S&P 500 RMZ TOTAL RETURNS: 3-YEAR DURATION OF FED RATE HIKE CYCLE(3) TOTAL RETURN PERFORMANCE During the Fed's prior rate hike cycle, Realty Income outperformed the S&P 500 and the MSCI US REIT Index (RMZ) over the 3- year duration of the rate hike cycle 44.4% 30.6% 13.0% S&P 500Ⓡ RMZ +0.30 +0.38 +0.43 S&P 500Ⓡ RMZ COMPARATIVE CORRELATION: TOTAL RETURN VS. 2-YEAR UST YIELD SINCE 2009(4) Historically, Realty Income's returns have been positively correlated to short-term yields (1) During the prior rate hike cycle, the Fed initiated its initial rate hike in December 2015 (0.25% -0.50%) with its final hike occurring in December 2018 (2.25% -2.50%). (2) Total returns between 12/17/2015 and 12/17/2016. (3) Total returns between 12/17/2015 and 12/19/2016. (4) Calculated from 12/31/2009 through 10/28/2022. 9#10Performance 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 10#11TOTAL RETURN CAGR SINCE 1994 Attractive Risk/Reward vs. S&P 500 Companies and REIT Peers 30% 20% 10% 0% S&P 500 Members(1)(2) -10% 2.0 1.5 1.0 BETA Source: Bloomberg (1) Excludes companies without trading histories dating to 10/18/1994. Beta measured using monthly frequency. (2) n=254. 20% Realty Income return per unit of market risk is in the 89th percentile of all S&P 500 companies Return: 14.4% 15% Beta: 0.5 TOTAL RETURN CAGR SINCE 1994 10% HST 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 REIT Peers (3) S&P 500 REIT Peers (1)(3) PSA ESS AVB MAA DRE SPG EQR CPT FRT WELL UDR KIM REG VTR PEAK VNO -5% 0.5 0.0 1.4 1.2 1.0 0.8 0.6 0.4 BETA (3) Excludes the following non-property S&P 500 REITS: AMT, CCI, EQIX, IRM, SBAC and WY (the "S&P 500 non-property REITS"). 11#12REALTY 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 3.5%, the sixth-lowest of all S&P 500 constituents (2) 5% Realty Income is among names, such as JNJ, HSY, AZO, ROST, SO distinguished by low volatility of their total shareholder returns 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=257 S&P 500 constituents as of 12/31/21 with trading histories dating to 10/18/1994. 12#13Superior 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% Historical Median 91.3% 0% 11% 4.4% (3) 2.9% % 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 9 8 7 6 5 4 3 2 1 # OF YEARS WITH TSR < -10% (2) BBB-/Baa3 Source: SNL, Bloomberg 0 (1) Data since 12/31/2000 through 9/30/2022. 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. (2) Data since 1/1/1995 through 12/31/2021. 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 October 2022 dividend declaration. (4) Current S&P 500 REITs, excluding the S&P 500 non-property REITs. Credit ratings as of 9/30/2022. REALTY INCOME 13#14Superior Stability vs. Peers: Demonstrated Consistent Growth Through 2020 Pandemic 2020 EARNINGS PER SHARE Growth (1) +3.1% 2020 Dividend Growth 2.1% 0% -5% -10% Retail Net Lease Peers S&P 500 REIT Peers Retail REIT Peers -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 14#15Realty Income Exhibited the Lowest Operational and Financial Volatility During Great Recession vs. A-Rated S&P 500 REITS 2007 2009 relative volatility 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 2.1% 0.5% 3.2% 1.3% 0.3x 1.2% 0.2% 3 3.1% 1.1% 3.8% 2.0% 1.5x 1.5% 0.2% 4 3.7% 1.4% 4.3% 2.1% 2.2x 2.0% 0.3% 5 4.0% 1.7% 5.7% 2.2% 2.2x 2.8% 0.7% 6 4.2% 2.1% 9.7% 7.4% 2.6x 4.0% 3.4% 7 9.7% 9.4% 31.9% 20.3% 3.3x 4.9% N/A(3) 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) 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 S&P 500 REITS that currently have at least two A-/A3 credit ratings or better 15#16Leveraging 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 16#17Size and Scale as a Competitive Advantage Inherent advantages of size and scale drive... 1 OPTIMIZED PORTFOLIO PROFITABILITY Leverage our 53+ year history and trove of portfolio data to capitalize on unique insights driven by predictive analytics DISCIPLINED DISCIPLINED 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 17#18Global 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 $3 billion(1) ~$9 T EUROPE UNITED STATES Europe is an attractive growth avenue with limited direct competition PUBLIC NET LEASE Peers 13 peers REALTY INCOME ~$4 T US UNITED STATES Combined enterprise value of public net lease REITS of $150 billion(2) EUROPE ~$3 B(1) Public net lease REITs account for <1% of total European net lease addressable market 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 ~$119B, or ~18X the current portfolio size (2) Represents the following "traditional" net lease peers: ADC, BNL,EPR, EPRT, FCPT, GTY, LXP, NNN, NTST, SRC, STAG, STOR, and WPC ("the traditional" net lease peers). 18#19REALTY INCOME Realty Income's External Growth Opportunities are Broad and Diverse SOURCED VOLUME in $ billions International opportunities added >30% to Realty Income's combined sourcing volume since 2019 International Expansion Has Accelerated Sourcing Volume Over the Last 3 Years... Which Resulted in Increased Selectivity $84 $78 ■INTERNATIONAL $64 ■UNITED STATES $57 $39 $32 $28 $30 $32 $24 $17 $13 $6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 ACQUISITION VOLUME $6.4 in $ billions $5.1 $3.7 $2.3 $0.7 $1.0 $1.5(1) $1.4 $1.9 $1.8 $1.5 $1.2 $1.3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 12% SELECTIVITY percentage of annual sourced volume acquired 8% 7% 6% 4% 4% 2010 2011 7% 7% 6% 5% 4% 8% 7% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 19 (1) Excluding $3.2 billion ARCT transaction.#20REALTY INCOME Earnings Growth Remains Strong As Size of Portfolio Continues to Increase 20% 15% 10% 5% 0% ANNUAL AFFO/sh(3) Growth 17.0%(4) 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 2021 AFFO/SH GROWTH: HISTORICAL 5.1% MEDIAN Stronger historical growth rate vs. REITS (4.0%) (1) • Positive earnings growth in 25 of 26 years Modest annual downside volatility of 2.8% (2) CAGR 5.1% SINCE 1995 • . Proven track record of maintaining 5%+ earnings CAGR since listing regardless of size In 2012, portfolio GREAV was < $6B and earnings CAGR was 4.5% Earnings growth has accelerated as portfolio real estate value crossed $10B: • 6.4% AFFO/sh CAGR since 2012 6% 5% 4% 3% 2% 1% 0% AFFO/sh CAGR Benchmarked to 1995 ...which supports outsized blended growth over time 5.1% 5.2% 5.3% 5.3% 5.3% 5.3% 5.2% 5.1% 5.1% 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 $40,000 $30,000 $20,000 $10,000 $0 $565 GROSS RE BOOK VALUE Cost at year end (5) $35,909 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 (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) $3.2 billion ARCT acquisition was completed in January 2013. (5) Gross real estate book value reflects historical year end real estate held for investment, at cost (in millions) 20#21Filling 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 in the S&P 500 and Russell 3,000 Index, respectively, as of 9/30/2022. 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. REALTY INCOME MOMENTUM Realty Income is Well-Positioned to Continue to Execute on Large-Scale Sale-Leaseback Transactions AGGREGATE ACQUISITIONS VOLUME 2015 Q3 2022 $24 B 35% of total I ! acquisitions volume since I 2015 $9 B TOTAL ACQUISITIONS SLB VOLUME VOLUME 22 21#22Crystallizing Value Creation: Illustrative Sale-Leaseback Scenarios REALTY INCOME 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... 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 $61.5 Total Debt/EBITDA 3.9x 3.4x Earnings Lease Adj. Debt/ EBITDAR 3.9x 3.5x EPS $500 ($30) $470 $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 22 22 Note: Assuming constant P/E | Corporate seller uses $500 million of SLB proceeds to buy back 8.3 million shares at $60/sh.#23Efficiency 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 REALTY 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 ~ 9 Years Client > 98% Low Low SHOPPING CENTERS AND MALLS(2) < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf/Low INCOME Reliance on Anchor Tenant(s) None CO BELL Average Retail Property Size / Fungibility 13k sf / High AMPLE EXTERNAL GROWTH OPPORTUNITIES REALTY INCOME (1) SHOPPING CENTERS AND MALLS(2) Target Markets ets HIRINGI 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 9/30/2022. External acquisitions drive 23 (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. ~2/3 of total earnings growth#24Prudent Capital Allocation Building a high-quality real estate portfolio through prudent, top-down, data-driven investment process. STARBUCKS COFFEE DRIVE THRU STARBUCKS COFFEE 24#25Curating Best-in-Class Portfolio Through Thoughtful Investment Process Supported by Proprietary Data From Over 11,700 Properties 578 BILLION YTD 2022 SOURCED OPPORTUNITIES RESEARCH AND STRATEGY REVIEW OF REAL ESTATE FUNDAMENTALS ANALYSIS OF CLIENT FINANCIAL STRENGTH INVESTMENT COMMITTEE DISCUSSION AND DECISION Strategic Objectives: Considerations Include: Identify "Mega Trends" • Market & Location • Research Geographies, • Surrounding Demographics . Industries and Prospective Clients "Big Data" Analysis of New and Existing Industries Construct Optimal Portfolio Key Insights: • Long-Term Industry Trends Competitive Landscape • • • Traffic Counts, Access & Signage • Corporate Financial Profile . Rent Relative to Market • Client's Long-Term • Price vs Replacement Cost Growth Strategy • • Lease Term & Rent Escalators Alternative Use and Fungibility IRR Scenario Analysis • 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 REALTY INCOME 2 SELECTIVITY: ~ 7% $5.1 BILLION YTD 2022 ACQUISITIONS VOLUME 25#26Investment 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 Long-term WACC is the hurdle rate for acquisitions Focus on higher long-term IRR discourages risk-taking Dividend yield Assumed long-term dividend growth rate 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) 0.73 65% Weight: Long-Term Cost of Equity 7.7% 4.0% 35% Weight: Cost of Debt (unsecured, 10Y, fixed) Long-Term WACC 5.7% 6.6% 3.5% 6.6% KEY ASSUMPTIONS & CALCULATION 4.9% REALIZED INVESTMENT SPREAD 3Q 4.0% Investment Cash Cap rate YTD 6.1% 5.8% Long-Term Cost of Equity (Yield + Growth methodology) Long-Term Cost of Equity (Average of two methodologies) 8.9% Realized WACC(2) 4.5% 4.2% 7.7% Realized investment spread (bps) 165 161 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 Spread on short-term WACC KEY ASSUMPTIONS & CALCULATION: NOMINAL 1ST-YEAR WACC 60% Equity: AFFO Yield(1) 6.4% 30% Debt: unsecured, 10-year, fixed 5.7% LOW NOMINAL WACC 10% Retained Free Cash Flow 0% required to generate accretion 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 హ 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 10/27/2022). 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. 26#27Investment Spreads Tend to Persevere Even as Interest Rates Rise REALTY 12% 10% 8% 6% 4% 2% 0% R²=0.9 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 (1) Average 10Y UST Yield (12M Lag) 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 YTD 2022 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 INCOME 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 YTD 27 2022 (1) Weighted average initial cash lease yield during each year.#28Cap Rates Poised to Push Higher as Owner-Occupier Debt Costs Rise 10-YEAR PUBLIC BOND YIELDS REALTY INCOME 8% 6% 4% 2% 1/2022 3/2022 180 120 60 0 1/2022 3/2022 5/2022 7/2022 9/2022 11/2022 CHANGE IN CREDIT SPREADS (bps) 5/2022 7/2022 6.88% 5.08% мигли 148 9/2022 REALTY INCOME¹ AVERAGE TOP CLIENTS² Traditional financing costs afforded to corporate operators are nearing 7%, making the sale-leaseback (SLB) financing option incrementally attractive As financing alternatives increase in cost, we expect SLB yields to correlate higher 1022 2022 3Q22 49 11/2022 Realty Income Investment Cap Rates Avg. 10-Year Bond Yields for Top Clients (2) 5.6% 5.7% 6.1% 3.9% 5.4% 5.8% Source: Bloomberg / Data as of 11/25/22 1) Realty Income spreads derived from December 2032 bonds 2)Includes the following top 20 clients based on percentage of total portfolio annualized contractual rent as of September 30, 2022 who have public bonds outstanding as of September 30, 2022: Dollar General, Walgreens, 7-Eleven, Dollar Tree / Family Dollar, FedEx, CVS Pharmacy, Lifetime Fitness, Wal- Mart/Sam's Club, AMC Theaters, Tractor Supply, Tesco, Home Depot, Kroger, and Fas Mart (GPM Investments). 28#29Benefits 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 $100 $200 $300 $400 $500 $1,000 ABR $200 3% 5% 8% 10% 12% 22% $400 1% 3% 4% 5% 6% 12% $600 1% 2% 3% 4% 4% 8% $800 1% 1% 2% 3% 3% 6% $1,000 1% 1% 2% 2% 3% 5% $2,000 <1% <1% 1% 1% <2% 3% $3,000 <1% <1% <1% <1% 1% 2% ~$3.1 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 5.5% cap rate | in millions. REALTY INCOME Peers with smaller denominators lack ability to buy in bulk without incurring material diversification risk $1.2B portfolio transaction at ~7% cap rate 444 single-client properties ~9.5Y SCALE AND SIZE BENEFITS ILLUSTRATED CIM Transaction (Dec 2019) 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#30Benefits of Size and Scale: Greater EBITDA Flow-Through to Bottom Line Operating efficiencies continue to scale as Realty Income grows YTD as of 9/30/2022 G&A AS % OF TOTAL REVENUE 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) 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 4.4% 8.5% 9.0% 92.4% ADJUSTED EBITDAre MARGIN 4.3% YTD 2022 95.2% ADJUSTED EBITDAre MARGIN 95.2% 90.4% 78.4% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 YTD 2022 LTM G&A AS % OF RE BOOK 34 bps 73 bps 64 bps G&A as % RE book value (bps)(1) VALUE 64 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. Represents the "traditional" net lease peers. (3) Based on trailing twelve months. Excludes the S&P 500 non-property REITS. Note: Metrics include non-GAAP measures that could be calculated differently by each company from how Realty Income calculates such metrics. 34 bps 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Q3 2022 30#31REALTY INCOME Recent Acquisitions Demonstrate Examples of Quality UNITED STATES Property Type: Class A Industrial (acquired in 2021) 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 EUROPE Property Type: Retail (acquired in 2021) 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, with average household income above the Spanish median, below market rents support future releasing prospects saler CA Carrefour FRIEN#32Completed Sale-Leaseback with Wynn Resorts Attractive risk-adjusted returns. Realty Income purchased the Encore Boston Harbor (Encore) Resort and Casino for $1.7 billion at a 5.9% cash cap rate. The transaction was consummated under a 30-year triple net lease with favorable annual escalators. Partnership with leading operator. Wynn Resorts (NASDAQ: WYNN) is a $20 billion (EV) S&P 500 company and one of the preeminent developers and operators of integrated resorts in the world, reflecting Realty Income's strategy of partnering with industry blue chips. Benefits of size and scale. Pro-forma for the transaction, Realty Income's exposure to the gaming sector is expected to be < 3.5%, preserving prudent diversification. Demonstrates growth profile of business model. Realty Income's entry into the gaming industry demonstrates that its growth opportunities. are unconstrained by industry, property type or geography and in alignment with our investment criteria. Updated as of December 2022 to reflect the completion of the sale leaseback of Encore Boston Harbor. REALTY INCOME Encore Boston Harbor Resort & Casino Encore Encore 32 32#33Strong Balance Sheet Our conservative capital structure supports superior financial flexibility. STOP MARIANO'S 33#34REALTY INCOME Strong Balance Sheet - One of Only Seven S&P 500 REITs with Two A3/A- Ratings or Better ■Commercial Paper (1) ■GBP Denominated Notes STAGGERED DEBT MATURITY PROFILE in $ millions ■Term Loan (2) ■Revolver (3) ■Mortgages ■Unsecured Notes $1,841 $705 $1,089 $2,783 $1,946 $1,651 $1,100 $1,084 $950 $603 $2,348 $42 2022 2023 2024 2025 2026 2027 2028 2029 2030 FAVORABLE CREDIT RATINGS Long-Term Unsecured Debt Rating MOODY'S A3/Stable S&P Global A- / Stable 2031 2032 2033+ KEY CREDIT METRICS Conservative Long-Term Debt Profile 5.5x 88% Low Leverage / High Coverage Ratios 5.2x Net Debt to Annualized Pro Forma Adj. EBITDAre(4) Fixed Charge Coverage Ratio 31% 95% Unsecured Fixed Rate Debt to Total Market Cap 6.3 yrs W.A. term to maturity for notes & bonds (1) Commercial paper borrowings outstanding at September 30, 2022 were $724 million and mature between October 2022 and January 2023. (2) As of September 30, 2022, there was a carrying balance of $1.2 billion outstanding under our revolving credit facility. In April 2022, we amended and restated our unsecured credit facility in order to increase the borrowing capacity to $4.25 billion and extend the initial term to June 2026. (3) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £30.7 million converted at the applicable exchange rate on September 30, 2022. (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. 34#35REALTY INCOME Significant Liquidity and Low Borrowing Costs Support Enhanced Financial Flexibility $2,518 $23 Liquidity(1) Revolver Availability, $2,330 Debt Obligations through 2023(3) (Net of $724mm borrowings under $1.5 billion commercial paper programs)(2) Excess Liquidity, $2,516 Cash & Equivalents, $188 Sources Mortgages Payable, $23 Uses Note: Values shown in millions. Uses: Excludes interest expense, ground leases paid by Realty Income or our clients, and commitments under construction contracts. (1) Liquidity excludes $1.3 billion of unsettled forward equity. (2) 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. During July 2022, our U.S. Dollar-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion and we established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent) in U.S. dollars or other foreign currencies (3) Excluding revolver and commercial paper maturities. 35#36High-Quality Real Estate Portfolio Diversified exposure to cash flows guaranteed by best-in- class, blue-chip operators F ELEVEN 140 36#37Diversified High-Quality Portfolio CLIENT DIVERSIFICATION - TOP 20 CLIENTS % of Annualized Contractual Rent (1) DOLLAR GENERAL Walgreens 7-ELEVEN. DOLLAR TREE FAMILY DOLLAR Grocery Stores Convenience Stores Dollar Stores LIFETIME 4.2% 1.7% FITNESS Walmart 3.9% 1.7% Sam's Club Restaurants - Quick Service Drug Stores Restaurants - Casual Dining Home Improvement 3.8% amc 1.6% THEATRES Health and Fitness Automotive Service 3.5% RED LOBSTER 1.5% FedEx. 2.8% REGAL 1.5% 2.3% TSC TRACTOR LA FITNESS. SUPPLY CO 1.4% BJ's 1.9% TESCO Sainsbury's 1.8% B&Q 1.7% THE HOME DEPOT General Merchandise INDUSTRY DIVERSIFICATION(2) % of Annualized Contractual Rent (1) REALTY INCOME 10.3% 9.0% 7.7% 6.4% 6.2% 5.5% 5.0% 4.7% 3.9% 3.9% (2) Represents total portfolio annualized contractual rent contribution from U.S. and European properties. PROPERTY TYPE DIVERSIFICATION % of Annualized Contractual Rent(1) 1.3% 1.5% Other 1.2% Kroger 1.1% 13.9% Industrial CVS pharmacy 1.7% Fas mart 1.0% 84.6% Retail GEOGRAPHIC DIVERSIFICATION % of Annualized Contractual Rent (1) TEXAS 11.1% U.K. 9.0% CALIFORNIA 6.0% ILLINOIS 5.2% FLORIDA 5.2% OHIO 4.5% GEORGIA 3.6% 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, 37 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.#38Top 20 Clients Insulated from Changing Consumer Behavior SERVICE-ORIENTED LA FITNESS. Fas mart 7-ELEVEN. All top 20 clients fall into at least one category: ■ Non-Discretionary Low Price Point Service Retail RED LOBSTER FRESH FISH LIVE LOBSTER ☐ Non-Retail Note: Walmart represented by both Neighborhood Markets and Sam's Club. EIHAL DEPOT HOME NON-DISCRETIONARY LIFETIME FITNESS amc THEATRES REGAL B&Q TSC TRACTOR SUPPLY CO Sainsbury's Walmart Neighborhood Market DOLLAR GENERAL DOLLAR TREE FAMILY DOLLAR Walgreens CVS pharmacy TESCO Kroger REALTY BJ's Sam's Club. FedEx. LOW PRICE POINT NON-RETAIL INCOME 38#39REALTY INCOME Diligent Underwriting Process Has Resulted in Minimal Exposure to Retail Bankruptcies PHOTO CENTERE # 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 34 Casual Dining 20 Specialty Retailer or marmac 18 General Merchandise 08 Grocery 8765436 Stores Entertainment Sporting Goods Health and Fitness O Consumer Electronics Jewelry / Accessories Other Retail REALTY INCOME 115 of 157 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 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. 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) 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. Limited exposure to the industry, primarily with off-price retailers. RDRIVE THRU Immaterial exposure to entertainment clients outside of the movie theaters, and minimal exposure to bankruptcies. Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively addressing its investment in this industry since 2016. 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 a large, national operator with strong balance sheet and successful omni-channel platform. No exposure to bankruptcies. Immaterial exposure to this industry. No exposure to bankruptcies. No exposure to retailers that filed bankruptcy. A. DRIVE THRU 39 PUL#40Historically Stable Cash Flows Supported by High- Quality Real Estate Portfolio REALTY INCOME Industry-Leading Occupancy Levels, Consistent During Various Economic Cycles 99.5% 98.4% 0 Median of S&P 500 REITS (1) ...O Historical Median -----S&P 500 REIT Historical Median 98.5% 98.7% 98.2% 97.7% 98.1% 97.9% 97.9% 98.2% 98.4% 98.4% 98.3% 98.4% 98.6% 98.6% 97.9% 98.5% 98.9% 98.2% 97.0% 96.8% 96.7% 97.2% 96.6% 94.0% 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 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) Based on the publicly available information as of 9/30/22. Excludes the S&P 500 non-property REITs. Occupancy calculated by number of properties. Lease expiration schedule represents percentage of total portfolio annualized contractual rent. Q3 2022 10 40#41Proven Track Record of Value-Add Asset and Portfolio Management REALTY Lease Expiration Schedule Provides Visibility into Future Cash Flows Weighted average lease term of 8.8 years 49.7% 3.6% 5.0% 6.3% 8.4% 8.3% 5.8% 7.2% 5.4% 0.3% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031-2059 Rents at or below market at acquisition result in above 100% recapture ratios at expiration. Re-leased over 3,900 properties at 101.8% recapture rate since 1996. • One of the few net lease companies that report re-leasing results. INCOME MAXIMIZING REAL ESTATE VALUE: Strategic management of rollovers Proactively addressing portfolio "watch list" Resolved over 4,700 lease expirations since 1996 Accretive Re-Leasing Activity is a Result of Prudent Underwriting 104.5% 105.5% 106.7% 103.3% 100.9% 102.6% 103.4% 100.0% 2015 2016 2017 2018 2019 2020 2021 YTD 2022 41 44#42REALTY 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 Generally used as primary valuation multiple for other Real Estate sectors and excludes recurring Capex associated with maintaining revenue-generating capacity of portfolio 0.5% 5.7% 8.3% 7.6% 7.4% 8.9% Healthcare Shopping Center Industrial Office Mall Source: SNL, Company Filings. (1) Analysis represents simple average of 52 representative companies across five property types in the MSCI US REIT Index. Based on annual data between 2012 and 2021. ....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) 42#43Growing 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 43 Fer Gesh with#44European Portfolio Snapshot REALTY INCOME 255 >30 ~21.8mm REALTY INCOME HAS CONTINUED TO GROW ITS EUROPEAN PRESENCE WITH INVESTMENTS OF ~$6.4 BILLION THROUGH SEPTEMBER 30, 2022 ~$313mm 10.0% properties industries leasable square feet annualized contractual rent ~10 years wtd. avg. remaining lease term of total portfolio annualized contractual rent $549.2 $27.6 REALTY INCOME'S QUARTERLY INVESTMENT VOLUMES IN EUROPE (in millions) ~$6.4 billion invested in real estate in the U.K. and Spain since international expansion in May 2019 $221.0 $230.0 $165.6 $58.2 $591.8 $532.5 $467.2 $403.0 $1,041.1 $795.9 $693.7 $613.0 2Q19 2Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2022 3Q22 44#45European Portfolio Snapshot (cont'd) CLIENT DIVERSIFICATION - TOP EUROPEAN CLIENTS (1) % of European Annualized Contractual Rent Sainsbury's 18.5% B&Q 17.2% TESCO 12.6% Carrefour 7.4% ASDA 3.6% Other (1) Based on percentages of total European portfolio annualized contractual rent as of September 30, 2022. (2) Based on market share. Source: Kantar World Panel. (3) Source: Kantar World Panel Spain. (4) Source: Mintel, 2020. 40.7% EUROPEAN PORTFOLIO BY INDUSTRY(1) % of European Annualized Contractual Rent Other, 19% Sporting Goods, 4% General Merchandise, 5% Home Improvement, 21% KEY HIGHLIGHTS REALTY INCOME Grocery, 51% 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 (3) B&Q (Kingfisher) is the largest home improvement retailer in the U.K. and is number two in France (4) 45#46ESG 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 46 STOP#47REALTY 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 Investors Clients Team Community Note: for additional information, refer to our Sustainability Report which can be found at: https://esg.realtyincome.com/ 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 6 3 2 >11 years 47 6-11 years <6 years#48Social 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 48#49REALTY 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 2021). 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 49#50Appendix 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 50#51UK 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. 68.5M Current Population (1) UK POPULATION AND PROJECTIONS (1) Population Projected Population 80 60 57 40 (in millions) 1991 2001 2011 Spain UK US 68.5 M 2020 2021 RETAIL SQUARE FOOTAGE PER CAPITA (2) 4 5 REALTY INCOME The UK, by land area, is approximately the size of Oregon. 173.0 ~94,000 Square Miles(3) 2031 2041 24 Source: (1) UK Office for National Statistics. (2) ICSC for the US data; Springboard for European data. (3) World Bank. (4) 2021 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. $3.2 Trillion GDP(4) 51#52Grocery (10.3% of ABR) U.S. Grocery Market Share(1) EXPOSURE TO TOP OPERATORS IN AN ESSENTIAL, 23% Walmart Neighborhood Market Neighbor Realty Income's top two U.S. grocery clients control 32% of U.S. grocery market share 9% 5% 4% 3% 3% E-COMMERCE RESISTANT INDUSTRY 65% 53% Kroger COSTCO WHOLESALE Ahold Delhaize DOLLAR GENERAL amazon Other DOLLAR TREE Source: (1) Wells Fargo Securities Research, 2022. (2) Kantar World Panel for 12 weeks ending 10/2/2022. 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 19% 8% 5% ■Big 4 Discounters ■Convenience Premium ■"Pure play" online 3% TESCO Sainsbury's ASDA Morrisons 40 ALDI SPAR Waitrose ල Iceland.co.uk 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 52#53Convenience Stores (9.0% 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 A Q G Q A 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: 19 Consecutive Years of Positive Same-Store Sales Growth (5) ■Great Recession (2007-2009) RA 8% 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% 5.8% A 2.8% 2.9% 1.0% 2.4% 1.9% 2.1% 1.6% 0.9% 7.4% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 53 33#54Dollar Stores (7.7% 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) Dollar General & Dollar Tree: Same-Store Sales Growth (2) +5% $0 2006 2008 2010 2012 2014 2016 2018 2020 2022E 2024E Source: (1) National Retail Federation. (2) Company Filings. Rece DOLLAR GENERAL REALTY INCOME 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% O 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% 4.3% 6.1% 3.9% 3.2% DOLLAR TREE 54 19#55Quick-Service Restaurants (6.4% of ABR) KF KFC 9.7% 5.4% ORIGINAL RECIPE 8444 MEAL MADE HARD WAY CHICKEN WAFFLES RESILIENT BUSINESS MODEL: REALTY INCOME 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. 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 in 2019(1) 27.4% 24.0% 18.5% 14.6% 12.9% 13.2% 13.7% 12.0% 11.7% 10.7% 9.7% 9.4% 22.0% 17.9% Jan-21 Feb-21 Mar-21 Apr-21 May-21 June-21 July-21 Aug-21 Sept-21 Oct-21 Nov-21 Dec-21 22-Jan 22-Feb 22-Mar 22-Apr 55 59 (1) Source: Miller Pulse.#56Drug Stores (6.2% of ABR) Bundled service partnerships and vertical integration among incumbents insulates industry from outside threats. Both Walgreens and CVS are investing in improved customer experience(2). Walgreens plans to open 1,000 full-service doctor 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% 3013 ετόν Combined retail prescription market share of Walgreens and CVS (3). 9.7% 9.3% REALTY INCOME Walgreens: 37 of 38 Quarters of Positive Same-Store Pharmacy Sales Growth (4). 7.4% 7.2% 6.0% 6.0% 5.8% 5.8% 5.6% 2.0% 2.8% 1014 2014 3014 4Q14 1015 2015 3.7% 3015 4Q15 1016 2016 3016 4Q16 1017 2017 3Q17 4Q17 1018 2.0% 0.0% 2018 3Q18 4Q18 στοτ 8.9% 8.4% 7.3% 6.8% 5.0% 3.5% 4.5% 3.2% 2.5% 2.0% 1.9% 2019 3019 4019 1020 2Q20 3020 4Q20 1021 2021 3Q21 4Q21 1Q22 2022 3022 -0.1% 4q22 56