Curating Best-in-Class Portfolio

REALTY 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% 7.4% 7.6% 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) 44

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