Curating Best-in-Class Portfolio

Efficiency 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 INCOME Reliance on Anchor Tenant(s) BELL Average Retail Property Size / Fungibility 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% SHOPPING CENTERS AND MALLS(2) < 10 Years ~ 5-7 Years Landlord ~ 75% Modest / High Modest / High High 150k-850k sf / Low Low Low None 13k sf/ High AMPLE EXTERNAL GROWTH OPPORTUNITIES REALTY INCOME (1) SHOPPING CENTERS AND MALLS(2) Target Markets ts HIRI VENG External Acquisition Opportunities Institutional Buyer Competition Many High⚫ Few Low Modest High External acquisitions drive (1) Reflects average features of Realty Income's investments and real estate portfolio as of 12/31/2022. 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

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