Growing International Portfolio

Adjusted 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

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